Question: Some extreme bubbles are obvious with hindsight, after they burst. But how would you define a bubble? There are many examples of good news and

Some extreme bubbles are obvious with hindsight, after they burst. But how would you define a bubble? There are many examples of good news and rising stock prices, followed by bad news and falling stock prices. Can you set out rules and procedures to distinguish bubbles from the normal ups and downs of stock prices?

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