We should all remember the fall of the Berlin Wall and the lifting of the Iron Curtain, as it is barely a quarter of a century since those events that completely transformed the geopolitical landscape. The Eastern Bloc countries broke away from Soviet influence without Russia being able to do anything to prevent it, because its communist economy collapsed like a house of cards. The power vacuum was enormous, surreal in what had until then been the world’s second superpower. And the countries that had been under its political and economic influence were welcomed with open arms by the Western free market, despite their obvious economic backwardness. The new world order finally had victors and vanquished, and the victors were «the good guys» and the vanquished was «diabolical communism». (more…)
We all shudder (or should shudder) when we contemplate the possibility that our money is invested in assets whose prices are at what is known as a «bubble», i.e. at levels far higher than their real intrinsic value, the result of unfounded speculation. Investing in bubbles is the mistake we all want to avoid at all costs, because if they burst, the losses will be irrecoverable or, at best, it will take decades to recover the value lost. Because, if the capacity of those assets to generate Value does not increase considerably, those prices at which we buy wildly will not occur again without the help of a new bubble on that same asset, which may never happen or take more years than our own 
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