stadium where nothing now there is a former apple academic who became a money manager and that's john houseman and he's written this about these markets that some like the usa today article are saying are not overvalued he's saying yes this is an equity bubble and he does all these fancy mouse to prove that it's in fact overvalued but he calls it what investors are doing my sense is that investors have indeed abandoned basic arithmetic here and are instead engaging in a sort of loose thinking called hyperbolic discounting the willingness to impatiently accept very small payoffs today in preference to larger rewards that could otherwise be obtained by being patient in effect zero interest rates have made investors willing to accept. any risk no matter how extreme in order to avoid the discomfort of getting nothing in the moment what would happen if the casino in las vegas suddenly charge zero for the chips that you went to the casino with ok what would happen with it would you see more or less gambling in the casino if chips were free ok so the central bank by making interest rates zero for a v