History’s largest Circle Jerk

Since 2008, the ultra-wealthy have been bidding up their own assets, deluding themselves that the fabricated valuations they place on them are real.Momentum bubble visualized:Sales / Price: The amount of revenue for each dollar invested in stocks:http://www.multpl.com/s-p-500-price-to-salesData from WSJ:One year ago, 41 private venture start-ups were valued at $1 billion or more. Now, 75 companies are valued above $1 billion. […]