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LIVE: The Myth of the Million Dollar Tulip Bulb
Cautionary Tales with Tim Harford
The Great Investment Bubble, Charles MacKay
The price of railway stocks doubled in two years. Many investors would pay just a 5% down payment to obtain a toehold in a share. Speculators enthusiastically traded the Scrip, feeling like financial wizards as prices rose and flipping their initial investment for a profit. But that doesn't change the fact that if you put money into any dot-com company in 1999, most of it will have been lost over the next two years.
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