Three Centuries of the Future on Margin: How Credit Cycles Drive Technology Bubbles
Published on 13.01.2026
Three Centuries of the Future on Margin
TLDR: Technology bubbles from the 1920s utilities mania to the dot-com crash follow identical patterns: a visible technological future, financing mechanisms that let people own that future today, and mass access that turns belief into position size. The technology is usually right; the leverage timeline is wrong.
Three Centuries of the Future on Margin
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