For eerie parallels to the excesses of the late 1990s, look at what was happening 70 years earlier, in a stock-buying mania of comparable magnitude.

FORBES: Bubbles and Scandals

It is buying into your own tulip bulb mania.

WSJ: Bret Stephens: Obama and the Copenhagen Syndrome

As a whole, we humans haven't learned much about buying low and selling high since the tulip mania.

WSJ: The Pros and Cons of Stock Buybacks