It's been a while since we did a "Next Bubble" post and almost as long since we linked Josh Brown, the Reformed Broker, who we've been a big fan of since before he became such a phenomenon.
Today, he reports on how to spot a bubble: if Josh Brown gets invited to an investor class's big annual party, it's a bubble. He offers proof.
And the real estate bubble, who could've seen that coming? I don't know, but for some reason I was invited to the Tischman Speyer annual summertime bacchanal in 2006, an event at which all of Rockefeller Center was swarmed with real estate developers, brokers and assorted douchebag hangers-on. And every guest was double-fisting free lobsters on their way out the door (I'm not even exaggerating).
In the best tradition of "the emperor has no clothes," Brown's post is hilarious but makes a serious point about how to be able to tell when the party is coming to an end, in this case both figuratively and literally.
Unfortunately, now that's famous, he may find this indicator doesn't work as well any more.