#17: Kiril Sokoloff on Identifying the Next Big Thing
Superinvestors and the Art of Worldly Wisdom
The Ponzi Scheme in the Stock Market
The strong yen was a major factor because it meant that there would be more deflation in Japan than elsewhere. The fact that they were just spending money buying each other stock rather than investing in the future of their businesses is one of the major contributors. Real estate fell from 20 trillion in valuation down to say 5 trillion. So you lose that much wealth, this hugely deflationary impact. Then also there was all this interconnectedness of buying each other's shares that had fueled the boom going up.
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