Investors Trading Academy2015.11.26---什麼是泡沫？

Investors Trading Academy2015.11.26---什麼是泡沫？
發佈日期：2015年11月26日
Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Bubble”
A Bubble begins when the price of an asset rises far higher than can be explained by fundamentals, such as the income likely to derive from holding the asset. The Chicago Tribune of April 13th 1890, writing about the then mania in real-estate prices, described "men who bought property at prices they knew perfectly well were fictitious, but who were prepared to pay such prices simply because they knew that some still greater fool could be depended on to take the property off their hands and leave them with a profit". Such behavior is a feature of all bubbles.
Famous bubbles include tulip mania in Holland during the 17th century, when the prices of tulip bulbs reached unheard of levels, and the South Sea Bubble in Britain a century later, although there have been many others since, including the dotcom bubble in internet company shares that burst in 2000. Economists argue about whether bubbles are the result of irrational crowd behavior perhaps coupled with exploitation of the gullible masses by some savvy speculators or, instead, are the result of rational decisions by people who have only limited information about the fundamental value of an asset and thus for whom it may be quite sensible to assume the market price is sound. Whatever their cause, bubbles do not last forever and often end not with a pop but with a crash.
By Barry Norman, Investors Trading Academy - ITA
欢迎来到财务条款和事件的投资者交易学院讲词汇。
我们的一天中的字是“泡沫”
一个泡沫，当资产的价格上涨远远高于可通过基本面来解释，如可能持有的资产来获得收入开始。 1890年4月13日的芝加哥论坛报，写当时狂热的房地产价格，可谓“男人谁买物业的价格，他们明知是虚构的，但谁是愿意支付这样的价格仅仅是因为他们知道，有些人仍然较大傻瓜可以依靠采取财产他们的手上，让他们与利润“。这种行为是所有泡沫的一个特征。 著名的泡沫包括在荷兰的郁金香狂潮在17世纪，当郁金香球茎的价格达到了前所未有的水平，而南海泡沫在英国一个世纪后，因为尽管已经有许多人，包括互联网泡沫的互联网公司的股份这一阵在2000年经济学家争论的气泡是否非理性群体行为可能被一些精明的投机者，或者改为加上开采轻信群众的结果，是理性决策的结果的人谁拥有对基本价值的信息有限资产，因此对他们来说可能是非常明智的假设市场价格是合理的。不管自己的事业，泡沫不会永远持续下去，往往不与流行，但与崩溃结束。
巴里·诺曼，投资者交易学院 - ITA