“Talk of bubbles in tech or #AI, or in investment strategies focused on growth and momentum, obscures the mother of all bubbles in US markets. Thoroughly dominating the mind space of global investors, America is over-owned, overvalued, and overhyped to a degree never seen before. As with all bubbles, it is hard to know when this one will deflate, or what will trigger its decline. But I will sketch out some of the possible scenarios in my next column.”

https://www.ft.com/content/49cca8d7-7b6e-47e3-a50c-9557d7c85fc0