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Ray Dalio x.com
Almost every technology boom creates a bubble, then a bust, whether it’s railroads, the Industrial Revolution, or the late 1920s. Think about the late '20s: electricity, refrigeration, telephones, radios, airplanes, and cars were all emerging at once. Naturally, people wanted to invest in these miracles. The danger is that people fail to distinguish the miracle from the investment. A technology can be truly transformative, but if the stocks are priced too high or bought on debt, you get a crash. That is the mechanics behind how bubbles form and burst. New technology will be great, there is no…
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