English: Diagram of the typical phases of an economic bubble. It begins with a "takeoff" of prices in the "Hidden Stage", during which the asset is considered a "safe investment". In the second stage, "Awareness", there are "institutional investors" who make "sales" and go through a "bear trap". If "attention from the media" causes "enthusiasm", this brings about the "Mania" stage, which is marked by "public investors", a rapid increase in value, "greed" and "illusion" (of infinite growth). When the asset's value is very high, people declare this to be a "new paradigm!!!" Eventually the value declines, which is first met with "denial", but this is the start of the "Bubble Pop" stage. There is a "bull trap" with a brief re-increase of value which is considered "the return to 'normal'", only for further decline to trigger "fear", "mass selling" and finally "despair". The asset falls so far that it's worth less than it was before the bubble, but eventually "returns to normal growth".