Financial Bubbles Happen Less Often Than You Think
1. Financial bubbles occur in only 0.5% of three-year periods since 1790. 2. Bubbles can revolutionize industries and fund technological advances. 3. Long-term investors earned about 9.5% annually since 1900 despite market crashes. 4. Surviving firms post-bubble often lead technological revolutions. 5. Investor psychology inflates perceived crash probabilities beyond historical occurrence.