Jeff Guo

And actually, funny story here.

One of Robin's co-authors did go to Chicago at one point to present this paper, which, remember, they called it Bubbles for Fama.

And the University of Chicago is Fama's home turf.

He's the big man on campus there.

And Fama went to this talk.

He was actually sitting right there in the front row.

Right.

A truce.

Because Robin's paper, it doesn't exactly prove Fama wrong.

It is still really hard to detect bubbles.

When it comes to bubbles, there are basically two types of people who obsess about them.

There are, of course, investors who are worried about losing their money in a potential bubble.

But these days, there's also big, important people in the government who are worried about what bubbles mean for, you know, the whole national economy.

Hold on.

Who came up with this?

Was it really called lean versus clean?

And this whole lean versus clean debate, this is a recent thing.

When Gotti was in grad school in the 90s, nobody thought bubbles were something that serious macroeconomists needed to be studying, especially not macroeconomists who were focused on the U.S.

Yeah.

So all of a sudden, macroeconomists, they became very interested in bubbles.