This article, previously published in CFA Institute Conference Proceedings Quarterly in 2006, describes market bubbles and contends that the home price increases in the United States of the mid-2000s could not be explained by fundamentals but, rather, by bubble mentality.
Reprinted with permission from CFA Institute Conference Proceedings Quarterly, vol. 23, no. 3 (September 2006):16–25.
This presentation comes from Defining, Measuring, and Managing Uncertainty: The CFA Institute Risk Symposium held in New York City on 22–23 February 2006.