The parallels to the Roaring Twenties are hard to ignore right now. We're witnessing a convergence of forces that historically precedes major market corrections.

First, there's the artificial intelligence euphoria sweeping through markets. The hype cycle is intoxicating—everyone's chasing AI exposure regardless of fundamentals.

Then you've got crypto market dynamics heating up again. The kind of fervor we thought we'd left behind is creeping back in. Irrational exuberance? Maybe. But it's real money flowing into these assets.

Credit conditions in private markets are stretching too. When capital gets this cheap and abundant, discipline tends to evaporate. Investors start throwing money at anything remotely promising.

Meanwhile, the US fiscal situation keeps expanding, pulling global capital into dollar-denominated assets and creating a financial maelstrom that ripples worldwide. Sound familiar? This is how previous boom-bust cycles began. The question isn't whether we're in a bubble—it's whether you're positioned when the music stops.