The bubbles that never should have happened

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MASS DELUSION: I like to think the financial markets are highly efficient and that investors, in aggregate, are cold-blooded, no-nonsense seekers of value. Fine. So how the heck did this happen?

What were people thinking? Everybody knew (or should have known) that the pandemic wouldn’t last forever, and that the one-off business boomlets enjoyed by companies that benefited from the lockdowns wouldn’t last forever, either. But their stocks became bubbles anyway. Crazy. P.S. Peloton was the nuttiest, which most people seemed to understand even at the time.