Bubbles
Definition:   Over-valuation of an asset caused by a combination of speculation and investing, often with speculation out-weighing investing.
Bubbles can only grow to their limits  ---  then they burst regardless of what speculators hope and investors know.
Historic bubbles include tulip bulbs, Florida real estate in the mid-1920's, and stocks in the late 1920s.
Important bubbles of the future include the one that hits personal investments and/or causes the economy to turn down, unemployment up, and deflation.
Recovery from a burst bubble can take a (life)time.  The Dow industrial average returned to its high level of 1929 in 1954  ---  25 years to recover.
See also: Liquidity
The investment axiom that is always valid:  Caveat Emptor
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