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I think this is pretty interesting and it even makes intuitive sense, but I'm curious if it has been validated in any way through historical analysis?

Yes, I think I red it in "Ahead of the Curve" ( http://www.amazon.com/Ahead-Curve-Harvard-Business-School/dp... ) and the author backed it up with data from the most recent tech and financial bubbles. The exact quote escapes me.

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