Displacement: Some change in economic circumstances creates new and profitable opportunities for certain companies. Euphoria or overtrading: A feedback process sets in whereby rising expected profits lead to rapid growth in share prices. Mania or bubble: The prospect of easy capital gains attracts first-time investors and swindlers eager to mulct them of their money. Distress: The insiders discern that expected profits cannot possibly justify the now exorbitant price of the shares and begin to take profits by selling. Revulsion or discredit: As share prices fall, the outsiders all stampede for
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