Financial bubbles burst simultaneously, causing global market chaos and plummeting returns.
The article looks at financial bubbles in five countries over the years. They found that when bubbles happen at different times, investors can still make money even after the bubble bursts. But during the subprime mortgage crisis, all countries had short bubbles at the same time, and returns dropped a lot. So, it's better for investors to wait out a bubble if they don't all happen at once.