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https://rubino.substack.com/p/from-the-archives-until-something?publication_id=1166121&utm_campaign=email-post-title&r=y7h5a&utm_medium=email Today, in short, looks like the terminal phase of the dot-com and housing bubbles, with a disorderly end rapidly approaching. It’s not clear what sector will play the tech stock/subprime mortgage role in the coming bust, but there are so many potential candidates (housing, commercial real estate, Big Tech, local/regional banks, pension funds) that it almost doesn’t matter. This is the everything bubble.
With the Fed announcing yesterday that rates will have to rise further and for longer than the markets seem to expect, the story of the coming year will probably read like those of 2000 and 2008: disastrously for the “buy the dip” thesis.
