On the rich at least. Why? Because they don’t have any idea how to put that money to use productively. Despite the rhetoric, the vast majority of them don’t actually know how to create jobs or even create businesses.
What they do know how to do is put that money “to work.” Well, they know they need to in order to make it grow. They don’t know how. That’s why we got the last tech bubble. That’s why we got the housing bubble. And, hey, look, here we go again.
The hallmarks of a bubble in tech are many, but in general, it is agreed upon that:
- high valuations without corresponding track records,
- an increase in the number of deals,
- lots of hype, media frenzy,
- turnover and profits no longer matter,
- the prices of ‘subject’ domains going through the roof,
- everybody trying to get in on the action,
are all good indicators of a bubble in progress.
Right now, I think it is safe to conclude we’re in a bubble, even if some experts are pretty outspoken in stating the opposite.
Ready for your retirement savings to take another rollercoaster ride?