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历史上的每次泡沫事件均呈现出“价格上扬——狂热投机——诡计诈骗——急剧崩盘”的轨迹。我们必须注意到,在泡沫事件中,群众大规模丧失了理智。而制造出崩盘悲剧的正是大众自身的贪欲。他们或相信牛市会持久不衰,或明知崩盘不可避免而自信可以在危机到来前携巨额财富全身而退。正是这种盲目的自信维持着泡沫事件一再重现。
Every bubble event in history shows the path of “rising prices - fanatic speculation - fraud and fraud - a sharp crash.” We must note that during the bubble incident, the mass public lost their reason. It is the public’s own greed that creates the tragedy of the collapse. They believe the bull market will endure, or knowingly that the collapse is inevitable and that self-confidence can be withdrawn with huge amounts of wealth before the crisis. It is this blind self-confidence that has kept the bubble event repeated again and again.