Time Remaining We reviewed the graphic below, showing changes in the valuation of an asset or asset class over time, when discussing how Valuation Smart Money Institutional investors "New Paradigm"!!! Denial Delusion Return to "normal" Greed Bull trap Fear Public Enthusiasm Media attention First Sell off Bear trap: Take off Mean Capitulation Return to the mean Despair OOOO Stealth Phase Awareness Phase Mania Phase Blow off Phase Time So Dodge Dept of Gobal Sudes & Geography Hively tax rates fluctuate. asset bubbles occur. asset amortization occurs net asset calculations are made when liability is fluctuating Return Submi 36 1 point We reviewed graphical representations of data on our handout indicating that during the- generally offset each other over the course of the century. nineteenth twentieth eleventh eighteenth century, prices fluctuated widely, but inflation and deflation Sube