h*9
发帖数: 38 | 1 As Grantham points out, a bubble needs two things: excellent fundamentals
and easy money.
"The mechanism is surprisingly simple," he wrote. "Perfect conditions create
very strong 'animal spirits,' reflected statistically in a low risk premium
. Widely available cheap credit offers investors the opportunity to act on
their optimism."
And it becomes self-sustaining. "The more leverage you take, the better you
do; the better you do, the more leverage you take. A critical part of a
bubble is the rei |
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