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This document discusses bubbles and crashes, focusing on hedge funds and the technology bubble. It presents stories of past bubbles like RCA in the 1920s and the internet bubble of the 1990s. It examines whether rational professional traders ride bubbles or attack them by shorting. The timing of when arbitrageurs collectively sell is a delicate game, as later sellers receive lower prices. A model is presented where arbitrageurs become aware of the bubble sequentially over time and have incentives to preempt

Author

Jâmâl Hassan

Language

EN