Will the bubble in private markets hiss or pop?

The economist Hyman Minsky believed the financial system was prone to instability: tranquil conditions would inevitably give way to speculative excess. He observed that lengthy bull markets stoked complacency over risk. Recently, analysts have been debating whether private capital, where some of the greatest excesses have been evident, would soon meet their so-called “Minsky moment” — the point when the excess implodes. It has not happened, yet. READ MORE