Record stock market highs and unprecedented housing prices have led to financial experts sounding the alarm on an imminent downturn.
In a conversation with Business Insider, Toews Asset Management CEO and founder Phil Toews likened the absurdity of the current market to tulip bulb mania in the Netherlands.
Tulip mania was one of the most famous market bubbles of all time. In the 1600s, the prices of exotic tulip bulbs soared to today’s equivalent of hundreds of thousands of dollars. Clearly overvalued, prices eventually sank sharply, and the bubble burst.
Toews pointed out a similarity to current over-valuations, particularly for “Pop-Tart” memes. He referenced the recent sale of a 2011 digital rendition of the Nyan Cat, which has a Pop-Tart for a torso, that sold for about…