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2019-08-21

Investment bubbles are rooted in human psychology, so it is inevitable that they should occur from time to time.

As economists put it, in both investing and lending, the “principals” have been split from the “agents”. When people make decisions about someone else’s money, they lose their fear and tend to take riskier decisions than they would with their own money.

John Authers FT MAY 22, 2010

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