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Among the big winners of the Everything Bubble is--yes, I know you're shocked--Wall Street. 

Is the "Everything Bubble" about to pop? Let's start with what we're told: there is no bubble, all the assets soaring to unprecedented heights are reasonably priced at a "permanently high plateau" because of AI, scarcity of housing, scarcity of Ferraris, interest rates trending down, the Fed waving dead chickens around the campfire, people buying toothpaste, and so on: you name it, it's a reason for assets to drift higher.

This all sounds rather splendid, but somehow the pump inflating the bubble goes unmentioned: it's the money, Honey, the tens of trillions of yen, yuan, euros, dollars, pesos, etc., being borrowed or conjured into existence since the last spot of bother in 2008, where each unit of currency enters the global free-for-all chasing assets.

Thanks to historically low yields, cash is trash and the way to make a killing is to rotate from AI chip makers to Ferrari to Colgate, and then on to the next hot sector: maybe uranium, maybe bat guano, maybe a new doggy-themed crypto, maybe the next iteration of the yen carry trade, it doesn't really matter because capital is digital and therefore mobile...

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