<form name="aspnetForm" method="post" action="item.aspx?num=11542" id="aspnetForm">
<input type="hidden" name="MSOWebPartPage_PostbackSource" id="MSOWebPartPage_PostbackSource" value="" />
<input type="hidden" name="MSOTlPn_SelectedWpId" id="MSOTlPn_SelectedWpId" value="" />
<input type="hidden" name="MSOTlPn_View" id="MSOTlPn_View" value="0" />
<input type="hidden" name="MSOTlPn_ShowSettings" id="MSOTlPn_ShowSettings" value="False" />
<input type="hidden" name="MSOGallery_SelectedLibrary" id="MSOGallery_SelectedLibrary" value="" />
<input type="hidden" name="MSOGallery_FilterString" id="MSOGallery_FilterString" value="" />
<input type="hidden" name="MSOTlPn_Button" id="MSOTlPn_Button" value="none" />
<input type="hidden" name="__REQUESTDIGEST" id="__REQUESTDIGEST" value="noDigest" />
<input type="hidden" name="MSOSPWebPartManager_DisplayModeName" id="MSOSPWebPartManager_DisplayModeName" value="Browse" />
<input type="hidden" name="MSOSPWebPartManager_ExitingDesignMode" id="MSOSPWebPartManager_ExitingDesignMode" value="false" />
<input type="hidden" name="MSOWebPartPage_Shared" id="MSOWebPartPage_Shared" value="" />
<input type="hidden" name="MSOLayout_LayoutChanges" id="MSOLayout_LayoutChanges" value="" />
<input type="hidden" name="MSOLayout_InDesignMode" id="MSOLayout_InDesignMode" value="" />
<input type="hidden" name="MSOSPWebPartManager_OldDisplayModeName" id="MSOSPWebPartManager_OldDisplayModeName" value="Browse" />
<input type="hidden" name="MSOSPWebPartManager_StartWebPartEditingName" id="MSOSPWebPartManager_StartWebPartEditingName" value="false" />
<input type="hidden" name="MSOSPWebPartManager_EndWebPartEditing" id="MSOSPWebPartManager_EndWebPartEditing" value="false" />
<input type="hidden" name="__VIEWSTATE" id="__VIEWSTATE" value="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" />

<script type="text/javascript">
//<![CDATA[
var MSOWebPartPageFormName = 'aspnetForm';
var g_presenceEnabled = true;var _fV4UI=true;var _spPageContextInfo = {webServerRelativeUrl: "\u002ffaculty", webLanguage: 1033, currentLanguage: 1033, webUIVersion:4,pageListId:"{9e9e3212-7bc2-40d8-ba11-ab047574aa0d}",pageItemId:6, alertsEnabled:true, siteServerRelativeUrl: "\u002ffaculty", allowSilverlightPrompt:'True'};//]]>
</script>
<script type="text/javascript" src="/_layouts/1033/init.js?rev=mdjxRHK1V7KZ%2BuOTcNNcmQ%3D%3D"></script>
<script src="/WebResource.axd?d=0BN16XvcGHuJm7w6ynHPQUp2bpfRBguTqcJxAewp5Z6TG9N1ORNkdbc65-xjVZfcc8oQWsz2XPVjWs3sLHPjmveJ1A8CpDbhoiiXlraAxD-GhALjyint8HT53UFez1JzfJIy8Q_LxpJS3G8QmAMxSkzh4vc1&t=636767462854137053" type="text/javascript"></script>
<script type="text/javascript">
//<![CDATA[
var dlc_fvsi = {"DefaultViews":[],"ViewUrls":[],"WebUrl":"\/faculty"};//]]>
</script>

<script type="text/javascript">
//<![CDATA[
function _spNavigateHierarchy(nodeDiv, dataSourceId, dataPath, url, listInContext, type) {
    CoreInvoke('ProcessDefaultNavigateHierarchy', nodeDiv, dataSourceId, dataPath, url, listInContext, type, document.forms.aspnetForm, "", "\u002ffaculty\u002fPages\u002fitem.aspx");

}
//]]>
</script>
<input type="hidden" name="__VIEWSTATEGENERATOR" id="__VIEWSTATEGENERATOR" value="E39AC016" />
<script type="text/javascript">RegisterSod("sp.core.js", "\u002f_layouts\u002fsp.core.js?rev=7ByNlH\u00252BvcgRJg\u00252BRCctdC0w\u00253D\u00253D");</script><script type="text/javascript">RegisterSod("sp.res.resx", "\u002f_layouts\u002fScriptResx.ashx?culture=en\u00252Dus\u0026name=SP\u00252ERes\u0026rev=b6\u00252FcRx1a6orhAQ\u00252FcF\u00252B0ytQ\u00253D\u00253D");</script><script type="text/javascript">RegisterSod("sp.ui.dialog.js", "\u002f_layouts\u002fsp.ui.dialog.js?rev=Tpcmo1\u00252FSu6R0yewHowDl5g\u00253D\u00253D");RegisterSodDep("sp.ui.dialog.js", "sp.core.js");RegisterSodDep("sp.ui.dialog.js", "sp.res.resx");</script><script type="text/javascript">RegisterSod("core.js", "\u002f_layouts\u002f1033\u002fcore.js?rev=RiGU6\u00252FvAzNgOjxKFQLw9pw\u00253D\u00253D");</script>
<script type="text/javascript">
//<![CDATA[
var _spFormDigestRefreshInterval = 1440000;window.g_updateFormDigestPageLoaded = new Date(); window.g_updateFormDigestPageLoaded.setDate(window.g_updateFormDigestPageLoaded.getDate() -5);function loadMDN2() { EnsureScript('MDN.js', typeof(loadFilterFn), null); }
function loadMDN1() { ExecuteOrDelayUntilScriptLoaded(loadMDN2, 'sp.ribbon.js'); }
_spBodyOnLoadFunctionNames.push('loadMDN1');//]]>
</script>
<script type="text/javascript">RegisterSod("sp.runtime.js", "\u002f_layouts\u002fsp.runtime.js?rev=IGffcZfunndj0247nOxKVg\u00253D\u00253D");RegisterSodDep("sp.runtime.js", "sp.core.js");RegisterSodDep("sp.runtime.js", "sp.res.resx");</script><script type="text/javascript">RegisterSod("sp.js", "\u002f_layouts\u002fsp.js?rev=\u00252B4ZEyA892P3T0504qi0paw\u00253D\u00253D");RegisterSodDep("sp.js", "sp.core.js");RegisterSodDep("sp.js", "sp.runtime.js");RegisterSodDep("sp.js", "sp.ui.dialog.js");RegisterSodDep("sp.js", "sp.res.resx");</script><script type="text/javascript">RegisterSod("cui.js", "\u002f_layouts\u002fcui.js?rev=OOyJv78CADNBeet\u00252FvTvniQ\u00253D\u00253D");</script><script type="text/javascript">RegisterSod("inplview", "\u002f_layouts\u002finplview.js?rev=WB6Gy8a027aeNCq7koVCUg\u00253D\u00253D");RegisterSodDep("inplview", "core.js");RegisterSodDep("inplview", "sp.js");</script><script type="text/javascript">RegisterSod("ribbon", "\u002f_layouts\u002fsp.ribbon.js?rev=F\u00252BUEJ66rbXzSvpf7nN69wQ\u00253D\u00253D");RegisterSodDep("ribbon", "core.js");RegisterSodDep("ribbon", "sp.core.js");RegisterSodDep("ribbon", "sp.js");RegisterSodDep("ribbon", "cui.js");RegisterSodDep("ribbon", "sp.res.resx");RegisterSodDep("ribbon", "sp.runtime.js");RegisterSodDep("ribbon", "inplview");</script><script type="text/javascript">RegisterSod("sp.ui.policy.resources.resx", "\u002f_layouts\u002fScriptResx.ashx?culture=en\u00252Dus\u0026name=SP\u00252EUI\u00252EPolicy\u00252EResources\u0026rev=YhBHGmUAGyJ3lAgSdE4V\u00252Fw\u00253D\u00253D");</script><script type="text/javascript">RegisterSod("mdn.js", "\u002f_layouts\u002fmdn.js?rev=gwmFFJ2\u00252FfFacqXWAqG\u00252FqKg\u00253D\u00253D");RegisterSodDep("mdn.js", "sp.core.js");RegisterSodDep("mdn.js", "sp.runtime.js");RegisterSodDep("mdn.js", "sp.js");RegisterSodDep("mdn.js", "cui.js");RegisterSodDep("mdn.js", "ribbon");RegisterSodDep("mdn.js", "sp.ui.policy.resources.resx");</script>
<script type="text/javascript">
//<![CDATA[

function _spNavigateHierarchyEx(nodeDiv, dataSourceId, dataPath, url, listInContext, type, additionalQString) {
    SetAdditionalNavigateHierarchyQString(additionalQString);
    g_originalSPNavigateFunc(nodeDiv, dataSourceId, dataPath, url, listInContext, type);
}

g_originalSPNavigateFunc = _spNavigateHierarchy;
_spNavigateHierarchy = _spNavigateHierarchyEx;
var _fV4UI = true;//]]>
</script>
<script type="text/javascript">RegisterSod("msstring.js", "\u002f_layouts\u002f1033\u002fmsstring.js?rev=QtiIcPH3HV7LgVSO7vONFg\u00253D\u00253D");</script><script type="text/javascript">RegisterSod("browserScript", "\u002f_layouts\u002f1033\u002fnon_ie.js?rev=EVTj1bu32\u00252FMla6SDN\u00252FsNTA\u00253D\u00253D");</script>
<script type="text/javascript">
//<![CDATA[
var __wpmExportWarning='This Web Part Page has been personalized. As a result, one or more Web Part properties may contain confidential information. Make sure the properties contain information that is safe for others to read. After exporting this Web Part, view properties in the Web Part description file (.WebPart) by using a text editor such as Microsoft Notepad.';var __wpmCloseProviderWarning='You are about to close this Web Part.  It is currently providing data to other Web Parts, and these connections will be deleted if this Web Part is closed.  To close this Web Part, click OK.  To keep this Web Part, click Cancel.';var __wpmDeleteWarning='You are about to permanently delete this Web Part.  Are you sure you want to do this?  To delete this Web Part, click OK.  To keep this Web Part, click Cancel.';//]]>
</script>
</form>

Go to main content

Article | Harvard Business Review | November 2001

In Praise of Irrational Exuberance

by William A. Sahlman

Format: Print

Find at Harvard

Citation:

Sahlman, William A. "In Praise of Irrational Exuberance." f0110d. Harvard Business Review 79, no. 10 (November 2001).

About the Author

William A. Sahlman

Baker Foundation Professor, Dimitri V. D'Arbeloff - MBA Class of 1955 Professor of Business Administration, Emeritus

Entrepreneurial Management

View Profile »
View Publications »