The Baseball-Card Bubble
The Economist's Christmas double issue always has interesting articles. This year's was no different. An article on the baseball-card bubble particularly caught my eye. The article describes how a children's hobby turned into a classic financial mania in the 1980s and early 1990s. The article is available here.
I was intrigued by how the author ended the article - "Just a few years after the collapse of the baseball-card boom, many of the same kids were intoxicated again, swapping tech stocks across fancy new online trading platforms from dorm rooms and group houses. And then, older, but no wiser, they were at it once more, borrowing recklessly for a first home and a ticket to future wealth. Three strikes, as it were."