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Nick Maggiulli x.com
Much of the speculative stuff of 2021 ended up failing (NFTs, DeFi, etc.) while much of the speculative stuff of 2025 (AI) seems to be succeeding. My latest on why I was wrong to be bearish on US stocks a year ago:
The the words it uses that this site has seen least often elsewhere. Posts are matched on those words alone — nothing here is a summary of this one.
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17 September
25 August
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korrents.com
The froth visible in US markets in 2025 was the 2021 mania returning, and reason enough to take risk off.Their words, before
It’s not that any one of these things represents a mania, but collectively they do. And I know what can happen after that mania.
Their words now
Since then U.S. stocks are up 16% (total return) and my bearish prediction turned out to be misguided.
1 December 2025
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korrents.com
Decentralized finance mainly converts custodial risk into technical risk rather than eliminating risk altogether.Their words
While there is some utility value in DeFi, it basically lets users transform custodial risk into technical risk (e.g. bridge protocol hacks), which is not a free lunch.
25 November 2025
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Their words
I think for example our intuitive feeling of hunger is not succeeding in guiding us correctly in this world with an abundance of food.
21 September 2025
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