We are witnessing the unwinding of the biggest bubble in financial history

Every crash I lived through started the same way:A genuinely good idea captures the imagination, then it gets carried to an absurd extreme. As Buffett put it, what the wise man does in the beginning, the fool does in the end. The names change but the pattern never does. Fear and greed, over and over.So let me take you back to the last great top, because I had a front row seat:I started shorting tech in the fourth quarter of 1999, and I was early enough that it hurt. Then in February 2000, the manager of the single best performing growth fund on the planet announced, "If it's not tech, it's drek." You know how it ended. The Nasdaq lost nearly 80%. Julian Robertson closed Tiger. Fidelity's second best manager had his fund pulled. Merrill's chief strategist was shown the door. Did all of them suddenly get stupid? No. The market lost its mind, and then it came to its senses the hard way.I'm watching that same arrogance right now. The difference is this time is WORSE, not better.The malinvestment in this AI buildout is at 17 TIMES compared to what we saw in dot com. This boom is far more asset intensive, and the dollars are far larger relative to the economy. And whenever you see hubris stacked on top of debt, you RUN, you don't walk. That's why I think Oracle can go bankrupt. That's why I think OpenAI WILL go bankrupt. The combination of ego and leverage never ends any other way.The market lost its mind, and it's now starting to come to its senses.Watch the full interview here: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit georgenoble.substack.com/subscribe