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The Big Fat Ugly Bubble



Big Fat Ugly Bubble
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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.

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