Booms, busts, and the cycle repeats.

Booms, busts, and the cycle repeats. History reveals a troubling pattern in financial markets where human overconfidence consistently precedes catastrophic crashes. From the dot-com bubble to the 2008 financial crisis and beyond, investors repeatedly ignore warning signs, convinced that "this time is different." Asset prices soar on speculation rather than fundamentals, greed overwhelms caution, and regulatory safeguards prove insufficient against collective delusion. When reality strikes, fortunes evaporate, economies contract, and ordinary people bear the heaviest costs. Yet within years, the same dynamics resurface with fresh narratives and new asset classes. Understanding these cycles matters because they're not inevitable acts of nature but consequences of human behavior, institutional incentives, and systemic vulnerabilities that persist across decades.