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Investing bubbles have existed as far back as 1623 when Tulipmania gripped the Netherlands. At that time, a single tulip bulb was selling for many times the average annual wage, and tulip farmers were even selling tulips that hadn't been planted! But for no particular reason, the price of tulips began to fall, and within days, thousands of tulip traders were ruined. Tulipomania is only one of many bubbles that have caught investors on the hop. Others include The South Sea Company, Victorian Railways and Internet shares. More recently, online gambling, or more specifically poker mania, has developed many of the attributes that are commonly associated with investment bubbles. But what are the telltale signs of a bubble? Here are a few to look out for. Everybody is making money! When shares rise rapidly without any rhyme or reason then this could be the first sign that a bubble is forming. For instance, shares in PartyGaming (LSE: PRTY) rose over 50% from its flotation price of 116p to 177p in three short months. Other Internet poker sites have also made hefty gains too. These include Sportingbet (LSE: SBT), Ukbetting (LSE: UKB) and Empire Online (LSE: EOL). Yesterday saw a sharp change in fortunes however. PartyGaming shares fell 30% after they said growth prospects were moderating. Other major online gaming companies fell around 10% in sympathy. Growth will be forever! Bubble logic generally dictates that any forecast for above average growth can be sustained for many years to come. Often these projections are made using "finger in the air" analyses rather than concrete market studies. The reality, though, is that growth can slow significantly or even come to an abrupt halt without warning. Recently, the market growth in Internet poker has been revised down to just 4%, which is a far cry from high growth rates that were promised earlier. Ordinary businesses are shunned As bubble mania takes hold, there can be evidence that traditional businesses will be put on the backburner. Just look at how poker on television has pushed other programmes to one side. Current poker programmes include Celebrity Poker Showdown, Celebrity Poker Club, Late Night Poker and World Heads Up Poker to name but four. It has also been reported that one cable channel is broadcasting poker instead of traditional sports events. Assets are bought to sell, not for their return Perhaps the biggest trait of a bubble is the rush of new companies seeking a stock market listing in an attempt to cash in on investor enthusiasm. Consequently, new companies are being set up quickly and flotations are being staged even faster. What's more, sometimes the people behind these companies have little previous knowledge of the industry. The Financial Times reported that the two brothers behind the Internet poker site 888.com were originally involved in dentistry and telecoms. It is sometimes said that just because a bubble is inflating doesn't mean you can't make money. That may be true of those who get in and out early. However, the only problem is you have no way of knowing when the bubble will burst.