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The Role of Misconception in Bubbles and Anti-Bubbles
The idea here is with an anti-bubble is we generalize the framework of the bubbles and say look the misconceptions can distort reality. In my opinion artificially low volatility can actually support artificially high equity prices. This is driven both from a qualitative perspective which is complacency and the perception of no risk they did that Mami and Dadi will be there to support this. And then there's a third dimension which is more subtle which deals with this idea of resprinear, this contrarian nature. So these dynamics are perhaps three aspects to watch for but ultimately when you're thinking about bubbles or anti-bubbles I think the key thing is look for the misconception.