Why We Love to Call Everything a Bubble

It’s not always easy to understand why assets get expensive, but that doesn’t mean every risk in the market is about to pop.

Illustration: Eva Cremers for Bloomberg Businessweek
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Dear investors,

I wanted to give you an update and share some good news: The Bubble Opportunity Hedge Fund is up more than 22% this year thanks to our significant holdings of long-term government bonds, Bitcoin, and urban real estate.