Sublime

Spillovers like these, which long outlive the bubble itself, are a defining feature of innovation-accelerating bubbles.

“Let’s get out of this place, Jane,” he said, in the same soft voice. “Let’s leave this country. It’s not going to go well. You know that. It never has.”

Still, some proponents of efficient-market hypothesis continue to resist the notion of bubbles. Fama, in what was otherwise a very friendly conversation, recoiled when I so much as mentioned the b-word. “That term has totally lost its meaning,” he told me emphatically. “A bubble is something that has a predictable ending. If you can’t tell you’re i

“Bubbles are neither rational nor irrational; they are profoundly human, and they will always be with us.”

Every bubble has its excesses—the Lamborghini-laden parties of the 2018 run-up, 2021’s $69 million auction for non-fungible tokens—but each leaves behind infrastructure the next round of companies can build upon.

The remaining employees were also in the position of Bob’s friend, in that most of them didn’t understand what had happened. Sam had fully absorbed the Jane Street management technique of letting the rank and file see only their tiny piece of the puzzle, reserving for himself a view of the whole. Gary, though unintentionally, had done something sim

Simply put, bubbles are the result of a herd of people who collectively start paying more for something than its intrinsic value. They are, at their core, a very human creation—a stampede of investors who are following the scent of a compelling narrative. Gluts of capital combine with a fear of missing out. The result is mania. The rising price fee

Making yourself "scarce" is something to ponder.