It’s the same in every bubble, there is a term for it that I can’t remember.

If you’re a Japanese company making spanners in 1988 and you’re not speculating in land while all your competitors are, your profits are going to look terrible in comparison and the board will probably try and fire the leadership and replace them with people who’ll speculate in land.

This is part of the reason bubbles can go on for so long - there’s often a point where a lot of people sort of know it’s a bubble and it will end in tears, but they’re still incentivised to participate