As much as many of us want to believe in the efficient-market hypothesis—that all information is embedded in the price—turmoil and the business cycle continue to challenge the notion of completely rational markets. The question then is, how does one know when there is a market bubble and, perhaps more important, when it will pop?

Daniel Lacalle of Spain, now based in the United Kingdom, is a prolific author and commentator on economics and finance. Also a certified international investment analyst, he joins us to explain the key traits of a bubble and the distinction between a correction and the final end of an expansion.

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Meet the hosts

Fergus Hodgson is the chief executive of Antigua International, a consulting firm that connects the Americas, and he is the roving editor of Gold Newsletter. Originally from New Zealand, he has been a nomad for the past eight years, and his personal blog is the Stateless Man.
Brien Lundin is president and CEO of Jefferson Financial, which publishes Gold Newsletter and hosts the New Orleans Investment Conference. He has four decades of experience in investment markets.


  •   This was required reading at Lewis and Clark Law School back in 1976. It poses some interesting issues. Might be a good basis for discussion.

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  • I sold all of my EE bonds in 2014 and bought Bitcoins with the proceeds. I did this because I considered holding them to be willfully receiving stolen money. As everyone knows, Treasuries are backed by the full faith and credit of a state, along with its taxing power. My conclusion is that no consistent libertarian should be using T-bonds or T-bills. Thoughts?

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  • Hi! I’m organizing an anthology of libertarian (science) fiction that will be published in time for Christmas gifts and New Year’s resolutions. More information at: Email me at [email protected] to let me know that you will be participating. I will keep you directly informed of updates. Let’s talk about your story idea, too. This project is happening no matter how many authors do or do not participate. If I get enough quality submissions, I will do multiple anthologies. If I only get a few, we will do it anyway. If I get none, then I will just write more stories and have all the fun to myself. So don’t miss out! P.S. This project is for both new and veteran authors. I need your proposal no later than July 14th so don’t delay.

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