The great economist John Kenneth Galbraith came up with an interesting term in the 1950s when writing about the Great Depression. He called it the “bezzle”, which means the sum total of the cheating, fraud, manipulation, lying and, yes, embezzlement that’s present in any market.

Any market has a degree of bezzle, but there’s normally lots of it in bull markets and bubbles because everyone’s too busy making money to worry about regulations or whether what they’re doing is legal or ethical.