Traci Alloway

Because we've been through technological revolutions associated with speculative manias before, ranging from, I guess, what I would say are pretty real ones like the railroad bubble and the internet to...

kind of crazier ones like we're all going to go deep sea diving.

And get rich that way.

You are a connoisseur of historical financial market bubbles.

Which one is most similar to the current period that we're in?

Since we're talking about career development now, I suppose, is it important when you're a perma bear or more accurately, when you're perceived to be a perma bear, to distinguish yourself in some way from other bears who are out there?

Because again, at this particular moment in time, there are a number of high profile commentators who would say that AI is

is a bubble.

So how do you actually stand out from, I guess, the bubble calling crowd?

Thank you for reminding two podcasters that it only counts if you wrote it.

But to be fair, we do write some stuff.

So there is that.

Can I just go back to, you were talking about how investors seem to have, to some extent, become more comfortable with higher price to earnings ratios now versus, say, for much of the last century.

When it comes to value investing, we all know that value has been losing recently to momentum.

Does it feel at all to you that something has structurally broken in the sense that investors are much more focused on price nowadays?

They're much more focused on short-term gains rather than longer returns.

And at the same time, you've had a lot of retail money flow into the market.

courtesy of new platforms, Robinhood.

And whenever I think about Robinhood, I think about clicking buttons.

And remember, they used to have the animation that would celebrate if you placed a trade.