Naveen Tewari Quotes

The stock market is overpriced. Everything is overpriced. Junk is king.

The enthusiasm for Tesla and other bubble-basket stocks is reminiscent of the March 2000 dot-com bubble. As was the case then, the bulls rejected conventional valuation methods for a handful of stocks that seemingly could only go up. While we don't know exactly when the bubble will pop, it eventually will.

We've suffered a 'Ponzification' of the economy in recent years, as bubbles have built up and then burst, and each time we act as though it's the first time.

Education is a bubble in a classic sense. To call something a bubble, it must be overpriced, and there must be an intense belief in it.

What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.

The bubble, as investing phenomenon, has been well studied ever since the 17th-century tulip bulb frenzy. Its counterpart in bear markets is not well understood.

You cannot have an asset that goes up in price 1% every month or 1% every six months or every day without people starting to start thinking it'll do the same tomorrow, so that's why these bubbles form.

We are in a big, fat, ugly bubble. And we better be awfully careful.

A true bubble is when something is overvalued and intensely believed.

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

How do we know when irrational exuberance has unduly escalated asset values?

Markets tend to always overshoot when they get really ebullient.

Markets are unforgiving, and sometimes they move for reasons we can't possibly foresee.

Every new industry has exuberance in advance of reality. The techies get carried away. There is a period of despair. Then the pendulum swings the other way, and people see the long term potential. It's like when the Internet bubble crashed.

In a bubble, eventually people start saying, 'Wait a minute... these prices are way too high! What is anyone buying anymore? What could they possibly be thinking?' And then there's a correction and a bursting.

Nothing ever surprises me about the market.

People always come up to me and ask what the next 'big short' will be. The truth is I simply do not have an answer, and do not want to have an answer, to this question.

As I have said before, the daily machinations of the stock market are like a tale told by an idiot, full of sound and fury, signifying nothing.

What most entrepreneurs don't understand is that it isn't the economy that bursts a bubble, but investor psychology.

A bubble in early-stage funding means maybe there's $300 million at work when maybe there should be $150, as opposed to a bubble in late-stage funding which means there's $20 billion at work when there should be $3.

There were never as many big businesses as people were piling money into in the late 90's or early 2000's. This is really a lesson to institutional investors about how much capital the market can absorb, and it's a 10-year adjustment cycle, and we're only beginning to wake up to that.

The worst excesses of the dot-com era are gone.

We do not live in an economy, we live in a Ponzi scheme.

Economists don't usually make good speculators, because they think too much.

When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.