> and the losers in a unicorn bubble burst are a small set of private investors. i think this is correct but incomplete. in the modern global financial system

> and the losers in a unicorn bubble burst are a small set of private investors. i think this is correct but incomplete. in the modern global financial system there can be very long-range correlations between investors in both the short term and the long term. if those private investors' performance is highly coupled with the health of large financial institutions it could destabilize everything. when all the debt and credit in the world is structured and restructured into more and more complex financial products local risk can easily become systemic.