第二类泡沫我称之为“纯粹的非理性繁荣泡沫”(pure irrational exuberancebubble)，由于不存在针对较高资产价值的杠杆周期，这种泡沫的危险性要低得多。

The second category of bubble, what I call the "pure irrational exuberance bubble", is far less dangerous because it does not involve the cycle of leveraging against higher asset values.

youdao

第二类泡沫我称之为“纯粹的非理性繁荣泡沫”(pure irrational exuberancebubble)，由于不存在针对较高资产价值的杠杆周期，这种泡沫的危险性要低得多。

The second category of bubble, what I call the "pure irrational exuberance bubble", is far less dangerous because it does not involve the cycle of leveraging against higher asset values.

youdao