
The article revisits Keynes’s beauty‑contest analogy, arguing that human psychology still drives markets, but the information age has accelerated opinion‑chasing. It uses the recent silver frenzy—spurred by geopolitical tension, AI‑related demand, and massive leverage—to illustrate how social media and bots amplify price swings. Leveraged ETFs such as ProShares Ultra Silver saw assets surge from $1 bn to nearly $6 bn, magnifying both gains and crashes. The piece warns that faster information flow creates unprecedented short‑term volatility.

The latest "Talk Your Book" episode breaks down the three A’s shaping the U.S. economy—asset prices, artificial intelligence, and the affluent consumer. It highlights a widening market breadth and offers a framework for valuing the world’s largest firms. The discussion...