Tiny Bubbles

Market bubbles, like Ponzi schemes, end when someone takes away the punch bowl or the champagne. As everyone knows by now, the moment when everyone says that things are so good that they can only get better is the moment to look out below. Markets have ups and downs; they rise to levels of irrational valuation and fall to levels of irrational devaluation.

On several posts I have warned about the excess valuations of some contemporary works of art, so I want also to offer a link to an article in "The New Criterion" about the bubble in contemporary art. Link here.