How to Identify a Bubble

There's a difference between anecdotes and evidence, right? Okay. So as you know, I have lots of these anecdotes, like my paper with Owen and Paulman Threacom. And so when, I mean, this was an example where a part of a company was worth more than the whole company. That can happen, but. Yeah, but because the rest of the company can be unprofitable. The only tests that are clean are these anecdotes like closed-end funds. But there are other examples of cases where you can't test it. Although I have some ideas I'm working on with one of our golf buddies to figure out how to predict when a bubble is going