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The boom period of the late 1990s was a good example of irrational exuberance because stock prices for companies that had never turned a profit

The boom period of the late 1990s was a good example of irrational exuberance because

stock prices for companies that had never turned a profit soared.

the present value of expected future dividend payments exceeded the stock share price.

even though the stock market took a plunge investment spending continued to rise

investment spending and the stock market became positively related.

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