>"If you could just buy shares in a boring mutual fund or hedge fund and believe that they're going to go up 13% a year, fewer people would be interested in bei

>"If you could just buy shares in a boring mutual fund or hedge fund and believe that they're going to go up 13% a year, fewer people would be interested in being angel investors or buying silver or whatever." But the mutual fund still has to stick that money somewhere, and they go along with the bubble just like everyone else. >"One characteristic of postmodern bubbles, compared to the old ones, is that the question "is this a bubble?" gets asked on day 1." I like this. And, if people are constantly worried about bubbles, irrational exuberance can be avoided...or at least balanced.