Markets failed to be efficient at the time of the dot.com bubble. And, it appears, they are back at the same game: ドットコムバブルの当時は市場は効率的ではなかった。そして、またもや同じゲームが舞い戻ってきたことが明らかに：
As the chart above shows, share of IPOs issued at negative earnings
(companies losing money) is now at the levels last seen during the
height of the dot.com bubble.
上のチャートを見れば解るが、赤字企業のIPO割合がドットコムバブル当時と同じくらいに増えている。
What can possibly go wrong? 絶対に上手くゆくよ
* * * Gurdgiev's view on the future of economic development is outlined briefly in the TEDx talk I gave on Human Capital and the Age of Change.
今後の経済の先行きに対するGurgievの見方がTEDx talkで簡単に紹介されている、Human Capital and the Age of Change にアクセスするとよい。
最後の二段落だけ訳しておきます。 Stock Euphoria Stunts Gold Adam Hamilton April 19, 2019 3257 Words The great euphoria emanating from these near-record-high stock markets is breathtaking. Traders are again convinced stocks do nothing but rally indefinitely. That everything-is-awesome mindset has stunted gold’s latest upleg, since there’s no perceived need for prudently diversifying stock-heavy portfolios. But that psychology can change fast, as we saw a half-year ago. Gold investment roars back as stocks roll over. The word “euphoria” is widely misunderstood, often confused with “mania”. The latter is when stocks rocket vertically in blowoff tops, and is defined as “an excessively intense enthusiasm, interest, or desire”. The US stock markets certainly aren’t in a mania. At its latest high last Friday, the flagship US S&P 500 broad-market s...
