Bubbles don't form because investors look too far in the future, bubbles form because investing turns into speculation and people stop evaluating value at all a

Bubbles don't form because investors look too far in the future, bubbles form because investing turns into speculation and people stop evaluating value at all and just have a case of FOMO. At that point most speculators are buying with intent to flip in a short time period. On top of that, bubbles often carry high leverage, so its not like you lose what you have, you lose what you have and then also go into massive debt(person buys $1m house with 50k down and it goes underwater, or person uses 10x leverage to trade options on tech companies and they tank). Sure, the people that are able to cling on and wait it out for 2 decades might say 'this wasn't so bad after all!' but the people who lost their jobs or lost their families, went into bankruptcy, etc...well...you won't hear from those very often and if you do, you'll probably just say 'better luck next time'.