Investing in Long Term Speculation

Long term speculation plays a definite role in the formation of bubbles. It's just a hunch that people have at some time that this, these are good times to invest. Sandil Mullinathan has a study where he sent in actors to financial advisors. And one actor appeared very conservative and the otherActor would appear extremely risk tolerant. The advisors took that as taste and invested into that without doing any counseling about maybe you don't rethink your attitudes towards risk. Which yields a customer.