身处泡沫当中的人从来不愿承认自己是泡沫的一部分。在奇特的集体心理防御机制下,无数理由被制造出来去合理化疯狂的投资行为。17世纪当一株“奥古斯都”郁金香卖到别墅价的时候,仍然能听到很多人在描述勃艮第贵族如何珍视这一新品种。2000年美国人认为一切高流量的网站都可能赚大钱,尽管现在正飞快挥霍掉风险投资。阳光底下无新事,投资场也不例外。 People in the bubble never want to admit that they are part of the bubble. Numerous reasons have been created to rationalize crazy investment behavior under the peculiar collective psychological defense mechanism. When a “Augustus” tulip was sold to villas in the 17th century, many people were still hearing how the Burgundian nobility valued the new breed. In 2000, Americans thought all high-traffic websites could make a lot of money, though venture capital is now being squandered. There is nothing new under the sun, the investment market is no exception.