What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.
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Not to me," I said. Kafka wrote his first story in one night. Stendhal wrote TheCharterhouse of Parma in forty-nine days. Melville wrote Moby-Dick in sixteen months. Flaubert spent five years on MadameBovary. Musil worked for eighteen years on The Man WithoutQualities and died before he could finish. Do we care about anyof that now?
Paul Auster