Two ways it might all fall apart

“How did you go bankrupt?” Bill asked.“Two ways,” Mike said. “Gradually and then suddenly.”“What brought it on?”“Friends,” said Mike. “I had a lot of friends. False friends. Then I had creditors, too. Probably had more creditors than anybody in England.”— Ernest Hemingway, The Sun Also Rises, 1926, three years before the Great Depression began.The market is jittery today, with most the big tech stocks down in early trading. I still expect the whole thing to collapse, sooner or later. Maybe not today, but eventually. Maybe suddenly, or maybe as a slow fizzle. Or, as Hemingway put it, first gradually and then suddenly.One route to collapse is psychological; the...

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