My basic view of bubbles is that if you can identify a bubble, and you have some free time, the right move is to sell into the bubble. Not sell short, mind you, which is risky; you don’t know when the bubble will pop. Sell long. Get into the business that is bubbly, because that’s where the money is. There is demand; become the supply. My model of Adam Neumann is that he correctly identified a huge bubble in venture funding for fast-growing not-quite-tech companies, positioned himself in front of a firehose of SoftBank money, and became dynastically wealthy as that bubble popped. He was the Big Short of the recent tech bubble, but without the timing risk of actually selling short.
Or in 2017 every random micro-cap public company pivoted to the blockchain. Correctly!
