In the early 1990s, stock prices skyrocketed due to large crowds of social hot money. Some issued prices that year were more than ten times the face value, and then the stock market prices fluctuated when social hot money turned to real estate. The correct conclusion that can be drawn from this is:. ['The flow of social hot money has a great impact on the stock market.', 'The stock market depends on speculation.', 'Real estate is easier to make money than the stock market.', 'Stock market conditions will improve.']