The inverse of FOMO is betting against bubbles. This approach has a mixed record. There are stories of people who correctly called the peak, but there are also plenty of people who placed their bets too early to make a profit. For example, one savvy fund manager put together a memo outlining the subprime bubble with the clever and memorable subtitle “A Home without Equity Is Just a Rental with Debt.” The fund manager was eventually proven right, but he wrote his memo in 2001, in the earliest stages of the bubble. Betting against the housing market at that point would merely bring years of
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