Kevin Duffy on compulsive gambling and the everything bubble

Compulsive gambling is a progressive disease.  The parabolic pattern of a bubble mirrors the willingness to take on risk.  Last week, former darlings like Amazon and Tesla sold off as they lack the sheer adrenaline rush of pumping up the stocks of dying companies and taking down billion dollar hedge funds.  (We witnessed a similar phenomenon in 2000 when “Old Economy” stalwarts were dumped for dot-com lottery tickets.)   Lately, speculators have gone from picking up quarters in front of a steamroller to dodging Ferraris for pennies.

~ Kevin Duffy, "Game Over," LewRockwell.com, February 1, 2021