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Mapping The Markets by Robin Griffiths, Deborah Owen

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Conclusion

The underlying rhythm of the business cycle defines the broad trend of the stockmarket. Powered by two human characteristics – greed and fear – the stockmarket oscillates around the underlying economic trend in a series of clearly defined cycles. Thus even in the financial markets history repeats itself. In the introduction to a 1995 reprint of Charles Mackay’s book Extraordinary Popular Delusion and the Madness of Crowds (first published in 1841), Norman Stone, an academic, noted: “Parallels may be found today for almost every chapter heading.” Since Stone wrote that introduction the internet bubble can be added to the long list of speculative manias which can be traced back to the Mississippi Scheme, the South Sea Bubble and ...

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