[ebaysucks]

Bubbles are not about believing in the wrong trends, they are about believing the trend will materialize too fast.

E.g. dot com boom: Basic premise was right, "software will eat the world", only the speed at which it would happen is overestimated.

This is what makes growth investing so difficult: Quite easy to predict solar or electric cars will take off, very hard to predict which company in the cambrian explosion will win.

Overall history has proven over and again that in aggregate, value investing beats growth investing for exactly this reason.