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.

第二类泡沫我称之为“纯粹的非理性繁荣泡沫”(pure irrational exuberance bubble)，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。

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