The writer is co-founder and co-chair of Oaktree Capital Management and author of ‘Mastering the Market Cycle: Getting the Odds on Your Side’
I have lived through several bubbles and read about others. One might think the losses experienced when past bubbles popped would discourage the next one from forming.
But that has not happened yet, and I am sure it never will. Memories are short, and prudence and natural risk aversion are no match for the dream of getting rich on the back of a revolutionary technology that “everyone knows” will change the world. The key thing to note here is that the new thing understandably inspires great enthusiasm, but bubbles are what happen when enthusiasm reaches irrational proportions.
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