In December 1996 then-Federal Reserve chair Alan Greenspan gave his famous “irrational exuberance” speech, in which he questioned hot stock prices and extended valuations following a bull market that began in the early-1980s.
While prices in the dot-com bubble did get out of hand, that irrational exuberance lasted for another three-plus years, finally slowing down in March 2000. From the time of Greenspan’s speech until the market peaked just after the turn of the century, stocks would be up nearly 100%.
