Well, it’s been quite an odyssey. Some of you have been around since the very beginning of my long resistance effort against Bubble 3.0. Those hardy souls may recall that this book, published in real-time, began in December of 2017 when Bubble 3.0 had its signature speculative blow-off, the great crypto mania of which Bitcoin was the shooting star. But like all such meteorites, its brilliant glow was short-lived.
Today, and for the past few months, we’ve been living through truly unprecedented times. One cannot logically look at the situation before us and say they know how things will play out. There are just too many variables.
The fact of the matter is that the last half-dozen years have been exceedingly difficult for investors who like to buy assets, such as stocks, on sale. Instead, since at least 2014, it’s been a case of the US equity market jaggedly marching to higher and higher levels.
Frankly, I had written a much different EVA for this week but as conditions have devolved at breathtaking speed, I’ve been encouraged by my team members to shift the tone. It is a good suggestion but I’m doing a big re-write on the fly so my apologies in advance for any roughness.
The story of Tesla should begin with its namesake. In July of 1856, a brilliant young boy named Nikola Tesla was born in the small village of Smijan, in what is now present-day Croatia. He was the son of a priest, the fourth of five children, and grew up on a farm.