The premise makes sense (per industry), but how are the bubbles potentially connected to make systemic risk? I’m kinda looking at it like this: per-industry, t

The premise makes sense (per industry), but how are the bubbles potentially connected to make systemic risk? I’m kinda looking at it like this: per-industry, there is a local-minimum solution which is being exploited For transportation, let’s call that “cars”. Scooters are a bet that if we climb out of that hole we might be able to get to an even lower minimum (but investor dollars are the fuel that’s burned on the search path). So despite these walkabouts in the solution space (ie companies), there remains the local-minima solutions. Now, for pension funds and what not other LPs that invest in VC firms, they have made commitments for returns to their share holders (eg retirees). I think it’s disingenuous to guarantee returns for 30 years (effectively what these fin products are), which also kinda sucks, but I don’t understand the problem outside of helping previous investors keep promises they weren’t able to make in the first place. That feels like a pyramid scheme.