David Wiedemar, Robert Wiedemar, and Cindy Spitzer aptly describe this as “the Hamptons Effect” in their 2011 book Aftershock: Protect Yourself and Profit in the Next Global Financial Meltdown: “Wealthy people, stockbrokers, and asset managers have a deep need to keep believing we don’t have any bubbles and to keep investing in the stock market.… The bigger your house, the more denial you need to sleep at night.”
