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We build on the last episode by discussing lessons learned from historical periods of irrational exuberance, going through examples given by John Kenneth Galbraith in his impactful book, A Short History of Financial Euphoria. We cover Tulipmania and its resemblance to crypto, the US Paper Currency euphoria, and the excessive overleverage of the Great Depression. By the end of this episode, I hope listeners will have a sound playbook to spot signs of financial euphoria and excess before the speculation, as Galbraith likes to say, ends not with a whimper, but with a bang!
A Short History of Financial Euphoria - John Kenneth Galbraith
