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Comment by burnte | Hacker News Reader

Irrational exuberance rarely transitions to a rational drawn down. The minute the first selfish-actor flood-liquidates, everyone else will too. That's now runs work.

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but this isn't "irrational exuberance", literally everyone I know paying and kind of attention has "rational dread".

In my opinion the amount of money poured into these companies is the definition of irrational exuberance. And even if you want to call it dread, once they start to deflate people will panic and flee.

Hmm. With respect, I disagree. When the term was first coined, the broader context was "Main St" (ie, retail) investors acting with apparently excessive optimism. Whereas the unfathomable sums being poured into AI by "Wall St" arguably stem from profound but simple greed, a scheme in which the uber-rich are forcing AI and the concomitant bubble risk down the throats of the general public. "Exuberance" has a significantly positive connotation, which in this case I find completely absent.

But where else will people put their money?

I heard daffodils are where it's at.

The source of your information requires more scrutiny.

Your flower guy is probably in league with the Dutch and certainly behind the times.

Somewhere safe. Gold, usually.

    > "Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."

That is a quote from Warren Buffett.

More: https://www.gurufocus.com/news/220058/seven-quotes-from-warr...

While this is factual, the world (and humans) haven't functioned this way since ... ever? It doesn't matter what you think logic is, if the people who are providing the services (teacher, worker, doctor, etc..) are illogical and you need these services from these people.

That's not the problem, the problem is when they take it out of these companies, where it goes after that is irrelevant. Once the exodus starts prices will plummet and lots of people will lose a lot of value.

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