It feels a lot like irrational exuberance.

I think this is one hell of a scary market. It's up 3000 points in three months! That is not real.

The past few weeks I've been trying to figure out what would take this market down. It seems like nothing. But I've lived in Silicon Valley long enough to know that is not real. And this run is really long in the tooth. Before bitcoin crashed 50% I was sure the only thing that could take it down was interest rates. Interest rates are ALWAYS the thing that pop these bubbles. And I'm pretty sure most people are in more debt than ever. I think people are completely underestimating pent up demand because they've all been brainwashed into thinking that people have taken a vow of poverty in the Obama administration. I can assure you - that is not the case. I grew up poor and the only people that think you need to take a vow of poverty is rich people.

People still want the things they've always wanted and they've been guilted into thinking they didn't want it for the past 10 years. It does turn out that people will accept malaise for a lot longer than I thought. If you just get the crowd to all think it at once. Peer pressure is one hell of an amazing force.

The government printed a lot of money that people then hoarded for many, many, reasons. Obamacare being one of them. I always said that one day they will unearth all that money they buried in the back yard and they will eventually spend it.

I just think it's really fascinating that all of the same people who lost their mind over so much monetary printing, now all of a sudden don't see inflation anywhere on the horizon. And I don't feel that way at all. The last part of 2017 I started to see a lot of wage pressure in engineering. Which really hasn't been the case in a really long time. The government can't manipulate that as much like the minimum wage. So that is REAL wage pressure.

Back in the 80's they always said that by the time you feel inflation - it's already too late. I think we are seeing the signs, people are just ignoring it because it feels good right now. The Obama administration gutted our country, and it's going to take a while to build that back up.

Inflation is too much money chasing too few goods and services. And I think we will tick that box very very soon.