Psychological extremeness marking a bubble can often be inferred from widespread participation in investment fads among non-financial types; legendary examples include JP Morgan learning of a problem when his shoeshine boy offered stock tips, and John Paulson's partner observing bubble conditions when a soccer dad bragged about tech stocks in 2000 and a Vegas cabbie discussed three condo purchases in 2006.
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Howard MarksEvidence Quote
“Legend has it that JP Morgan knew there was a problem when the person shining his shoes started giving him stock tips my partner John Frank says he saw it in 2000 when he heard the dad at his son's soccer game bragging about the tech stocks they owned”
Created: 8/11/2026, 7:51:42 AM
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