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John Authers

The Bubble's Final Paroxysm May Be Months Away

Timing a speculative frenzy is a fool’s errand; sometimes, we have little choice.

When to stop blowing and take cover? That is the question.

When to stop blowing and take cover? That is the question.

Photographer: KOEN SUYK/AFP/Getty images

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One of the last things any investor should do is try to time a bubble. But when a bubble is upon you, you don’t have much choice. Although there are always ways to hedge bets, you need some clear concept of the likely upside risk and sequence of events as speculation takes over. So, it appears necessary to take a look at the possibilities for bubble-timing.