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Irrational exuberance
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Irrational exuberance : ウィキペディア英語版
Irrational exuberance

“Irrational exuberance” is a phrase used by the then-Federal Reserve Board chairman, Alan Greenspan, in a speech given at the American Enterprise Institute during the Dot-com bubble of the 1990s. The phrase was interpreted as a warning that the market might be somewhat overvalued.
==Initial fame==
Greenspan's comment was made during a televised speech on December 5, 1996 (emphasis added in excerpt):
The Tokyo market was open during the speech and immediately moved down sharply after this comment, closing off 3%. Markets around the world followed. The prescience of the short comment within a rather dry and complex speech would not normally have been so memorable; however, it was followed about three years later by major slumps in stock markets worldwide, particularly the Nasdaq Composite, provoking a strong reaction in financial circles and making its way into colloquial speech. Greenspan’s comment was well remembered, although few heeded the warning.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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