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  • It seems to me that speculative bubbles are an emergent property of investment markets, and also that they are very easy to recognize in retrospect, but not so easy to recognize as they are happening. (More to the point, even if you know that *some* of the valuation of, say, real estate or internet stocks is a bubble, it is not at all easy to know *how much*, and it is extremely hard to know when or
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