Regarding last boost: crucial to note the difference between

- the bonds floated by the companies acquired by private equity firms, which carry junk rating and need a lot of sophisticated hedging to own, versus
- the private equity funds themselves (the owners of the former companies), which yield fantastic returns for their investors.

But thinking about 401ks buying PE funds 😱.

Instead, I'm enjoying revisiting the sordid details of the Guitar Center case delicious.

Hugely relevant:

"one driving factor you often see associated with bubbles is new financial instruments that give the retail buying public better access … to the object of speculation"

"Hertz is granted permission, by their own bankruptcy judge, to sell stock in their company which has already declared bankruptcy, because due to weird mojo in the universe, there’s a small army of reddit trolls playing chicken with each other and it just might save the company" 👏🎃

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↑'This generation of day traders is hooked on harder drugs than in the 90s, & the internet is absolutely why. There are mimetic forces at work here. But it used to be that you experienced this pressure as “my idiot coworker got rich, I want to be successful like that, let me try this day trading thing.” Now it’s something more extreme. I have insecure friends who feel pressure to do these Davey Day Trader-inspired stunts with their trading accounts [to] affirm their own manhood or sense of self'

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