In early March we observed that Sotheby’s (BID) had returned to pre-Lehman levels.
Why does Sotheby’s matter?
Because it’s the ultimate bubble stock, moving violently up and down throughout its history, always making super-sharp peaks right before the economy becomes unglued.
Since we checked into it in March it’s up over another 10%.
If you’re not familiar with the stock’s history, this chart will be useful.
The good news is that if long term history is any guide, the next bubble that’s forming will be even more ridiculous and higher than the last.
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