The Effect of Speculation on the Bubble

There are 1.26 million Australians who have a negatively, at least one negatively geared investment property. 67% of them are people on $80,000 or less a year in terms of their income. If you suddenly tell all these Australians that prices are going to severely correct 4% by 8% automatically, that becomes a reason for them to sell. And then the animal spirits can take the correction into the crash. So that's why I'm a bit more concerned. Speculation implies a crash.