Bitcoin, the Stock Market, and Other Asset Bubbles

Conventional wisdom: bubbles should only be in champagne and in a bath, not in asset holdings. My opinion: asset bubbles are awesome* when you own the asset in question. Irrational exuberance represents unearned returns or returns that have been pulled to the present from the future because a herd of investors are overly optimistic about… Continue reading Bitcoin, the Stock Market, and Other Asset Bubbles