top of page

The Big Fat Ugly Bubble

Big Fat Ugly Bubble
Download PDF • 1.43MB

Donald Trump echoed the ever-growing populist refrain that the markets are in a “big fat ugly bubble.” The nature of a financial bubble is such that it is very difficult to pinpoint prior to its culminating “pop.” There has been a plethora of research on the subject—financial participants generally recognizing Manias, Panics and Crashes, by Charles Kindleberger as the go-to authority. In the book, Kindleberger outlines the five phases of a bubble, and provides a working rubric that might shine some light on whether equities are in bubble territory.

Related Posts

See All


Merriam-Webster defines the word “histrionic” as overly dramatic or emotional. This is an apt description for both the Federal Reserve and the fixed income market in the first quarter of 2022, and pro


As we assess the fixed income landscape going into 2022, it looks quite different than that of the last two years. The title of this newsletter conjures up a sleepy shopkeeper sign signifying a break

When the Rate Spike is Real

TREASURIES LOG THE WORST QUARTER SINCE 1980 The first quarter was largely a continuation of the recovery from the March 2020 lows for many asset classes. The S&P 500 was up 6.17%. The Nasdaq lagged, b


bottom of page