- Steve Russell, a portfolio manager at Ruffer, is warning investors of big asset bubbles.
- Russell says SPACs echo the South Sea Bubble and explains how to position against bubbles.
- He breaks down what could burst those bubbles and what convinced him to buy bitcoin.
In 1720, inflated stock prices in obscure joint stock companies resulted in a market crash known as the South Sea Bubble.
Investors piled money into one company famously known as “a company for carrying out an undertaking of great advantage, but nobody knows what it is.”