Analyzing prices is not wrong. However, picking inflated prices as your only source of information is terrible.

Economic conditions may differ from period to period, but human psychology is embedded among us and will not change.

In a rapidly rising market, the stretch of prices between two points of time is amplified, then so is the general public’s behavior towards prices.

In a bubble, people demonstrate some sort of cult-like behavior. They defend their positions, not by economic logic, but by force. They do this by calling those whodisagree with them dirty, and mocking people who give them prudent advice.

Bubbles feel like a party.