Those who invest in a bubble at its peak are great public benefactors. They give away all their money, and we get the organizations, the producers' durable equipment, the inventions and innovations, and the structures that their money paid for. On top of that the rest of us build the economic growth of the post-bubble generation.
But there are no testimonials or plaques to these great philanthropists--the investors in Insull's utility empire in 1929 or in Cisco in late 1999. They are unknown to the rest of us.
Daniel Gross (2007), Pop: Why Bubbles Are Great for the Economy (New York: Collins: 0061151548) http://www.amazon.com/exec/obidos/asin/0061151548/braddelong00