Irrational exuberance and rational humility

I worry that the hard-earned savings of middle-class investors could be at risk

The disconnect between the fundamentals of several companies and their market valuations has widened over the last year. While this exuberance may well prove to be justified for a few companies, for most, it will be judged to have been thoroughly misplaced. 

Disruption is to be welcomed, it is a fantastic event. As history shows, the line between disruption and mania is thin—remember Tulipomania (1636), the Mississippi Scheme (1719), and the South Sea bubble (1720). Nick Leeson’s last few trades brought the mighty Barings Bank down. Gordon Gekko could not imagine his protégé, Bud Fox, double-crossing him. Harshad Mehta betted one