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May 12, 2006
OFF LEASH: On exuberance
"Off Leash" is an occasional column by Fiddler. Past columns can be found here.
In the late 1990s, Alan Greenspan coined the phrase "irrational exuberance." It was a not-so-cryptic warning from the then-chairman of the Federal Reserve Board that tech stocks were overvalued. The economic oracle implied that investing your life savings in a company that doesn't make money might -- just might -- be unwise.
Turns out, he was right. And yet exuberance, irrational or otherwise, is not always a bad thing. For instance, I get very excited when someone comes home. My tail doesn't just wag; rather, it twirls like a helicopter blade. I throw myself in front of the newly arrived person in hopes of getting attention. In the process, I've been known to accidentally bang my head against a wall or coffee table.
Perhaps this, too, is irrational exuberance. But my head will feel better in a few minutes. The people who invested in drkoop.com are still in pain.
Posted by teb at May 12, 2006 10:41 AM