Why Being Right About a Bubble Is Almost Never Enough
Every few years, a wave of credible, well-credentialed voices warns that markets have gone too far. They marshal data, draw historical parallels, and raise legitimate concerns about concentration, valuation, and speculative excess. And sometimes — often enough to keep the genre alive — they are vindicated. Yet the uncomfortable truth that rarely makes headlines is this: even a correct bubble call is almost never sufficient to make you money, or to protect you at the right moment.