The funding for the cattle industry came largely from British sources, as the European investors engaged in a speculative extravaganza—a "bubble". Graham concludes the mania was founded on genuine opportunity, as well as "exaggeration, gullibility, inadequate communications, dishonesty, and incompetence". A severe winter engulfed the plains toward the end of 1886 and well into 1887, locking the prairie grass under ice and crusted snow which starving herds could not penetrate. The British lost most of their money—as did eastern investors like Theodore Roosevelt, but their investments did create a large industry that continues to cycle through boom and bust periods.