the dot-com peak 20 years ago. In both instances, a very broad subset of stocks became so highly valued that speculation …, drawn from a book in progress, examines the history of stock markets for comparable pure price-chasing bubbles, finding nine … way down - of these greatest asset bubbles in human history. When one applies this framework to the current US stock …

) during financial bubbles. The SIN is constructed in two steps. First, we develop a Hidden Markov Model (HMM) of regime …