All bubbles are FOMO driven. Stupid, glamorous, greedy whatever... It's not just wanting be apart, it's being afraid to miss., electric luxury cars are glamorous. There have been hot companies that take something mundane and make it seem glamorous — WeWork tried to make shared office space a glamour business. Claims that cryptocurrency is not just a speculative product or a way to buy drugs but a tool to radically democratize the world financial system make it seem glamorous.
A lot of the big SPACs are connected to Silicon Valley and then you have Wall Street firms doing the plumbing. What does this seemingly mutually beneficial boom tell you about the way these two institutions interact and see each other now?I can't say it better than Charlie Munger did"Wall Street will sell s--- as long as s--- will be sold."Silicon Valley firms have long had relationships with Wall Street about raising capital.
because the private capital was so cheap and I think that made a lot of people in Silicon Valley sort of entitled about shorts. The private market doesn't have shorts, and they were awash in private capital, so why should they have to deal with these obnoxious shorts. But then the private market got a little less frothy and SPACs mark a pivot back to public capitalJosh: