The Anatomy of Madness

Financial bubbles follow a remarkably consistent pattern across centuries. Prices detach from real value as speculation feeds on itself, creating a self-reinforcing cycle of optimism that grips even careful investors.

From Dutch tulips in 1637 to dot-com stocks in 2000, the pattern repeats: a genuine innovation attracts investors, early profits attract more investors, prices soar beyond reason, and eventually the whole structure collapses under its own weight.