After the publication of American finance professor Robert J. Shiller's new book "Irrational Exuberance", it attracted widespread attention. In this book, Shiller used many financial behavioral theories to explain the causes of the bubble in the U.S. stock market in the late 1990s.

In the previous article, we talked about the psychological impact on investors due to the continuous rise in the Chinese stock market in recent years, which is even more severe in the U.S. stock market. Shiller pointed out that those who believe that the stock market will decline and decelerate continuously are very sensitive to their own bad mood because they continue to make mistakes in judgment year after year. Those who keep forecasting declines feel painfully embarrassed because they are always wrong. Since satisfaction with understanding the world is part of self-esteem and personal identity, it is natural that formerly pessimistic people would want to develop a different worldview, or at least present a different attitude to the public. Because of this, the energy of "flip long" can sometimes be very powerful, and many people even rush into the market at high positions regardless of their own safety.

Especially when stock investment has become a kind of popular culture (a more straightforward term that is easily irritating to some people is "national stock trading"), investors are even more afraid of "going short."