Tech Bubble

“Now, unlike the public equity markets back then, even through the tech bubble, where there was a lot of shenanigans and bad companies that went public, it's not even close to the number of terrible projects and things that are tokens today. Like the percentage…”

“It's our ability to focus on optimistic thoughts and avoid unpleasant ones. It really is. It's what enables us to have South Sea bubbles, tech bubbles. It's what enables us to ignore the downside of climate change until it bites us”

“So if you look at the factor returns to value versus the factor returns momentum, they're about as divergent as they've been since the tech bubble.”