“The Greatest Garbage Market in History”

Posted by Bob Hoye: Institutional Advisors

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How big can a market phenomenon get?

Of course, the great bubbles from the South Sea Bubble in 1720 to those of 1929 and 2007 are the really big ones. Other more specific examples include commodities and CPI inflation in 1980, junk-bonds in 1985 and tech-stocks in 2000. And then there was the great “new issues” market of 1962. Now called “IPOs”, that one was so popular that anything could be placed and it is in the history books as the “Great Garbage” market.

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