The bubble is back

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The Market Ear on the inflating bubble.


Crazy can get crazier

Even at all-time highs, markets still seem to have firepower left. Systematic buyers are stepping in, retail is betting on AI small caps, and hedge fund net length remains below peak. We’re not saying it’s rational—but in the land of melt-ups, “crazy can get crazier.” Here are ten tell-tale charts.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.