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It's been that way for a loooooong time https://en.wikipedia.org/wiki/Tulip_mania https://en.wikipedia.org/wiki/Tulip_mania

• edelbitter 5mo ago
  Is that not the commonly cited example for commodity trading, whereas meaningful comparison of fundamentals to market capitalization only started much later?
  • weakened_malloc 5mo ago
    The idea is broadly similar, but I guess here's another example with a company this time. https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 The point is that I don't think irrational exuberance in stocks is a recent thing.
  • rsynnott 5mo ago
    Oh, they had those too back in the day: https://en.wikipedia.org/wiki/South_Sea_Company https://en.wikipedia.org/wiki/South_Sea_Company