For unreconstructed efficient market theorists, bubbles do not exist. For semi-reconstructed ones, they exist but, as former Federal Reserve chairman Alan Greenspan claimed in the late 1990s, they are perceptible only after the fact. To spot a bubble in advance, he declared, requires a judgment that hundreds of thousands of informed investors have it all wrong.
對于頑固守舊的有效市場理論者而言，泡沫并不存在。對于半開明的人來說，泡沫存在，但如美聯儲(Fed)前主席艾倫?格林斯潘(Alan Greenspan)上世紀90年代末的斷言，泡沫只有在成為既成事實后才會被察覺。他聲稱，想提前發覺泡沫，要求擁有超強的判斷力，在成千上萬擁有知識和信息的投資者全都搞錯的時候，做出正確判斷。
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