FYI: As far as I can tell, this essay, which I wrote in 2003 as an invited contribution to a monograph called “Boom and Bust: Why Did It Happen and What Can We Learn from It?” published by the European Asset Management Association in London, isn’t available online. I probably wouldn’t write it quite the same today — I would place much more emphasis on the role of institutional investors, who inflated the bubble at least as much as individual investors did — but I thought I should post it anyway to restore it to the public record. I’ve Americanized some spellings and added more paragraph breaks, just for ease of reading.
Regards,
Ted
http://jasonzweig.com/benjamin-graham-the-human-brain-and-the-bubble/
