Musings

Bubbles always pop. Balloons sometimes do: but they often kind of… sigh. Technically, that’s the difference: a bubble exists until it doesn’t, while a balloon can spend a long time in the in‑between—less pressure than before, but still very much there. In markets, a bubble is the thing you tell your grandkids about. A balloon is the thing you might forget happened until you pull up a chart. 2021 to 2022, I think, was a […]