Ruchir Sharma

Well, thanks, Katie.

Rob's been obsessed with how many people we'll have in the room.

And we've done okay.

Pretty good turnout.

Yeah, this is good.

So far, so good.

Well, I'd say it's not that weird because of the fact that we have seen bubbles in the past, and this has all the trademarks of one.

And if you look at the long history of markets, which I love studying, is that the bigger the technological breakthrough, the bigger tends to be the financial bubble, which is that because there's so much excitement around that.

So the whole idea that bubbles are based on nothing is obviously not true.

They're based on something very real.

So the real thing is that...

This is a huge technological breakthrough that we have seen.

So the technology is for real.

But every time we see something like this happen for the last 300 years, you end up seeing a very big financial bubble which accompanies that.

And the thing about...

Problem for us in markets is that there is no science behind these things, which is that how do you define a bubble?

What is a bubble?

And I think that what you can do, I mean, I've tried to come up with a framework that how do you define a bubble using four O's, which is you typically get overvaluation, you get overinvestment, you get overownership, and you get overleverage.

Those are four defining frameworks of bubbles.

Exactly.