Bubbles, Ponzis, smart money and when crowds go Mad.
It is not a surprise that people think in herds. Below is a great weekend video by Grant Williams on the history of bubbles, and his view on the next bubble.
Government bonds (which are set to burst) and gold (which is getting ready to enter the mania phase).
Video below.
really a great vid.
loved it.
one quibble.
the notion that it go nuts in herds, and come to their senses one at a time.
not supported by the charts.
if fact, the charts would say that their was more herding coming down.