, Columnist
The Bubble's Final Paroxysm May Be Months Away
Timing a speculative frenzy is a fool’s errand; sometimes, we have little choice.
When to stop blowing and take cover? That is the question.
Photographer: KOEN SUYK/AFP/Getty images
This article is for subscribers only.
To get John Authers' newsletter delivered directly to your inbox, sign up here.
One of the last things any investor should do is try to time a bubble. But when a bubble is upon you, you don’t have much choice. Although there are always ways to hedge bets, you need some clear concept of the likely upside risk and sequence of events as speculation takes over. So, it appears necessary to take a look at the possibilities for bubble-timing.