The more information is available more readily the more efficient the markets and the shorter the cycles. This enhances the false perception of instability inherent in modern markets. But speed does not necessarily a imply lack of stability. On the contrary, the faster and more violent the adjustments in the market mechanism the more efficient it is. The more certain the future value of streams of income, the more open the economic environment, the shorter the economic cycle, the more frequent and rapid the economic interactions the more valuable assets become.
Assets are mainly stores of expectations regarding future values.
Stock exchanges, real estate, financial transactions all balloon out of proportion in a kind of irrational exuberance. All bubbles burst in the end and so do these assets bubbles. This is the fifth phase. It is crucial because it signifies the termination of the bull part of the cycle. The prices of assets collapse precipitously.