In the late 1990s, Beanie Babies ( small stuffed animals made by Ty Inc.) became one of the most extraordinary collectible bubbles in history.

The mechanics were sophisticated: Ty Warner deliberately retired certain models, creating artificial scarcity.

A secondary market emerged. Price guides were published. Online communities formed.

"Rare" editions traded for thousands of dollars.

One family in Chicago reportedly spent $100,000 on Beanie Babies as a retirement investment!

The bubble burst in 1999 when Ty announced he was discontinuing the entire line. The secondary market collapsed almost overnight.

The asset is irrelevant. Psychology is the product.