That "Big Market Delusion" paper is damn interesting. I'm proud that I "Laughed Off" all three of those "Piling On" periods mentioned by the UCLA author: The Tech/Dot Com Fad of the late 90s; the ludicrous MJ Mania of a few years ago; and, currently, EVs.
Actually, I was deep into Dot Com tech since about 1995 by way of the business I owned. Our website started as my hobby and my company prospered because I did almost everything online myself. I immediately learned that launching a basic web business was easy, with few moats or barriers to entry. I never bought any of the Dot Com junk stocks (and certainly not the pennies), so I 100% dodged the devastating Tech Crash of 2000-2002. Plus I had fallen head-over-heels in love with John Bogle's S&P 500 Index Funds before then.
Regarding MJ stocks, I could tell that 98% of the "players" were scammy operations, run by toothless old hippies who couldn't be counted on to toil fields to make investors rich.
----
BTW I see that "Big Market Delusion" has been a hot topic in academic investment circles since 2019. It was new to me. Thanks.
______________________________________________________________
Because the Good Life is Just a Pump or Two Away
