People who scream “bubble” at every sign of bullishness are the worst scoundrels.
I’ve described what a REAL bubble looks like before, and it’s nothing like now. It’s not just that asset prices are inflated, but rather there’s an overwhelming sense of optimism about everything; at least that’s how it was in 1999.
1999 wasn’t just about the dotcom stocks, it was about fuel cells, people transporters (The Segway), cures for diseases, and a general belief that everyone would be great.
And so when I see analyst notes talking about Tesla revolutionizing the electricity market, and charts that set a date on the upcoming “utopia” I’m reminded of the bright old days.
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