Lol. Just discovered that Munger coined febezzle to describe the "wealth effect" a boom/bubble produces. That gap between value created and quoted market cap

Lol. Just discovered that Munger coined febezzle to describe the "wealth effect" a boom/bubble produces. That gap between value created and quoted market cap can grow very large even without manifestly criminal activity. This is effectively a "bezzle", and likewise, will only grow until it explodes. Which is why the longer a bubble runs, the more painful it is when it pops. http://mungerisms.blogspot.com/2009/09/philanthropy-round-table.html http://mungerisms.blogspot.com/2009/09/philanthropy-round-ta...