If a correction is due to higher rates and stronger growth, it would not matter much — except to investors. Wolf

We can indeed, as Grantham told the FT, observe classic symptoms of mania: the rise of amateur traders, frenzied interest in once obscure companies, soaring prices of speculative assets such as bitcoin and hot businesses like Tesla, and the emergence of special purpose acquisition companies, or Spacs. 

These are vehicles for the acquisition of unlisted companies and so a way around initial public offering rules. They are modern versions on a vastly bigger scale of the company allegedly created during the early 18th century’s South Sea bubble, “for carrying on an undertaking of great advantage, but nobody to know what it is”. 

That bubble ended badly. Will this time be different?

Martin Wolf 16 March 2021

Highly recommended

https://www.ft.com/content/a8e8475a-c808-4552-96fb-7ce5551e338e

WAITING FOR THE LAST DANCE

The Hazards of Asset Allocation in a Late-stage Major Bubble

Jeremy Grantham 5 January 2021

https://www.gmo.com/europe/research-library/waiting-for-the-last-dance/

För varje dag som går med nollränta växer problemen

https://englundmacro.blogspot.com/2021/03/for-varje-dag-som-gar-med-nollranta.html