Two hundred twenty-one years ago a handful of men signed the Buttonwood Agreement at 68 Wall Street to form the New York Stock Exchange. In 1903 the iconic exchange moved into its current location on the corner of Wall and Broad streets. In 2005 there was a merger between NYSE and Archipelago Holdings, which also owned the Pacific Stock Exchange. That merger for the first time resulted in the NYSE going from a seat based, privately owned company to a public listed entity.
Mania, as described in the dictionary is “an excessively intense enthusiasm, interest, or desire; a craze.” Would you feel safe if you were involved in something which resulted in you fitting this description? Not me! Over the past 15 years or so the word mania has been increasingly used by the mainstream financial press to describe investor behavior in a number of different areas.