| By Nicolaus Schmandt |
The image for this article shows the cycle of human emotions as the stock market goes through booms and busts. Investors should never forget it, especially as we are moving towards the “euphoria” peak, with speculative bubbles growing in tandem. Each time this happens, the bubble comes with a narrative as to why stocks should be so much above normal valuations, or why the rules don’t matter anymore. In the years leading to 2008, everyone was moving to the sunbelt and their properties and mortgages would never go down in value. In 1999, the internet was going to fundamentally change the world in such a way that normal valuations simply wouldn’t apply.…
