Mark Higgins: Why Every Bubble Feels Different

“This time is different.”
Four words investors love to say. And four words that financial history keeps proving wrong.
In this episode of The Blunt Dollar, I sit down with Mark Higgins, CFA, CFP, investment advisor and author of Investing in U.S. Financial History, to explore what more than 230 years of financial history can teach us about today's markets.
From the speculative manias of the 1800s to the dotcom bubble, the Great Financial Crisis and today's private markets boom, Mark has spent years studying the patterns that investors keep overlooking.
And his conclusions are particularly relevant today.
We discuss why financial bubbles keep repeating, how central banks misread inflation, whether private markets are approaching the end of a multidecade cycle, and why America's growing debt burden may be one of the biggest challenges ahead.
In this conversation, we cover:
📚 Why 230 years of financial history reveal patterns that modern investors consistently underestimate.
🫧 How speculative bubbles form, why intelligent investors get caught in them, and the warning signs of a speculative supply chain.
🏦 Why Mark believes the Federal Reserve made critical mistakes on inflation and what the 1970s can teach policymakers today.
💰 Why private equity and private credit may be approaching the end of a decades-long investment cycle, and the hidden risks of bringing illiquid investments to retail investors.
🇺🇸 How America's fiscal position has changed since Alexander Hamilton and why rising debt and persistent deficits could threaten its long-term prosperity.
One of my favorite takeaways? Financial history doesn't eliminate uncertainty. But it helps us recognize risks that might otherwise look completely unprecedented.
And as Mark reminds us, being comfortable with uncertainty and being wrong is one of the most valuable skills anyone working in finance can develop.
If you're interested in financial history, market bubbles, private markets, monetary policy, or simply becoming a better investor, this one's for you.
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Enjoy the episode!
Disclaimer: This podcast is for informational and educational purposes only. It does not constitute financial, investment, or legal advice. Listeners should consult a qualified financial professional before making any financial decisions.