The term 'bubble' has become an overused and imprecise descriptor for today's market. A more nuanced analogy for the current landscape of speculative investment is a 'sea of balloons'. New technologies and business opportunities attract immense capital, creating speculative investment clusters, or balloons that inflate and deflate with capital flows. The challenge for investors is not just to ride the balloons that float highest but to disembark before they either pop in a crash or slowly lose altitude and fizzle out.

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