Bubbles. They arise, in part, from the maddeningly rational human feeling that it makes sense to overpay a little today because, whatever, I’ll just sell tomorrow!
Or, put simply by Gawker’s bubble-dabbler Hamilton Nolan, “Buy! Buy! Buy! Buy! High! High! High! High!”
“Tech startups with no revenue have billion-dollar valuations,” writes our Jim Edwards. “And engineers are demanding Tesla sports cars just to show up at work.”
There are, of course, tangible and empirical ways that economists determine bubblehood, but what fun is that?
Surely the best way to see if we’re in a bubble is to take a look at the anecdotal ludicrous excess of today’s exorbitantly wealthy.