To answer that question, microfoundations of behavioural economics are used to develop a confidence matrix operator that transforms gain domains into fear of loss. The adjoint confidence matrix operator is an Euclidean motion that rotates and reverses loss domains into hope of gain. Simulations of the model produce a term structure of confidence that explains bubbles and crashes in financial markets. The analysis and graphics are in a short 2.5 page research note entitled: A Note On Confidence Momentum And Term Structure of Confidence with Applications to Financial Markets. Available at http://ssrn.com/abstract=2003319