This week we witnessed the collapse of all the bubbles. This is really just the echo of the crash, and happens after the birth of any new technology. There’s a great book on this – I have to find it so I can tell you who wrote it.

In any case, if there’s a new bubble we have to think of it as the bubble of government itself.

Not that I’ve got money to back it up, but my prediction is that this is a medium-term bottom and that people who buy stocks of good depressed companies at the current levels will be very happy in a couple of years.