문제 8Few of these later buyers, however, possess any independent basis for judging whether the asset's price still bears any relation to its underlying value.
A speculative bubble typically begins with a genuine, defensible reason for optimism, such as a promising new technology or an unusually favorable economic environment. ( ① ) Early investors who recognize this genuine opportunity purchase the asset and, as expected, often see its price rise accordingly. ( ② ) As word of these early gains spreads, a second wave of investors enters the market, drawn less by independent analysis than by the simple observation that the price has already climbed. ( ③ ) They are, in effect, purchasing confidence rather than value, trusting that the crowd's continued enthusiasm will sustain or further elevate the price. ( ④ ) This reliance on collective momentum rather than fundamental analysis is precisely what transforms a reasonable initial rally into an unsustainable bubble. ( ⑤ ) When the momentum eventually falters, as it inevitably must, the absence of any solid fundamental foundation leaves the price with nothing to support it.