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? Paul Kedrosky, an assistant professor on the faculty of merce at the University of British Columbia Irrational Exuberance “ Investors are driven by impulse, herd behavior, dinner party chatter, intuition, media hype, fear of being left out everything, in short but informed, reasoned analysis . . .Wall Street has literally bee embedded in our culture and everyday lives. The effect of the media on investor psychology is undoubtedly one of the driving factors behind the bull market.” ? Robert J. Shiller, Author of Irrational Exuberance May 8: $55 $0$10$20$30$40$50$60$70$80$16 $81 01,0002,0003,0004,0005,0006,0007,0001,500 7,000 $5! Under Water! Tanked “l(fā)ike yellow carnations for a wedding anniversary” Motley Fools $0$5$10$15$20$25$21 $14 Initial Public Offering Under Water! Employees, and shareholders are upset . . . NOW EVERYONE is aware! 0 10 20 30 40 50 60 70 Companies 1998 1999 2023 Successful IPOs Offerings postponed or withdrawn … but with the drop in the stock markets in April, those businesses may have more trouble going public. Graveyards and Dead Pools Venture capital firms have been able to raise more and more money... Sources: Thompson Financial Securities Data/Venture Economics。 First 3 Months 0 10 20 30 40 $50 billion in mitments ‘ 85 ‘ 90 ‘ 95 ‘ 00 … and were pouring it into Interrelated*