The Anatomy Of A Bubble — And Why The Next One Won’t Look Like The Last

Every generation believes they have figured out how to prevent the next financial crisis. The dot-com boom taught us that valuations matter. The housing bubble proved that leverage always finds a limit. The meme stock mania showed how mass emotion can overpower fundamentals. Each time, investors made promises that they had learned their lessons. Yet here we are in 2025, deep into the fun and fair of the AI revolution, confident that this time is different. It isn’t. The next bubble will not be powered by h ...