I have many interests, and among the strongest are history, sociology, and cultural trends. A number of months ago, I bought the book Richistan. I didn't buy it to read; thumbing through stories about how super-rich people waste their lives on self-indulgence sounds like a complete bore to me. Instead, I bought it as a memento of the age we were living in. The obsession with wealth was pervasive. You couldn't open a paper without hearing stories about Stephen Schwarzman's birthday party, the hedge fund managers in Greenwich, or – – the one I hated the most – – how there were eight zillion cranes in Dubai.
Now, look, I don't have a problem with money. I live in a nice house in a nice town, and I enjoy making profits in the markets. But I find ostentatious displays to be grotesque. One of the men I admire most is a billionaire – – the only one I know well – – who for the longest time drove around in an ugly blue Vanagon.
In any case, I find it utterly unsurprising that the publication date of this book coincided almost exactly with the market's top; indeed, I think this is a market top that will not be surpassed for many, many years. So the cultural saturation reached a maximum with the publication of this best-selling worship of the "new rich".
I wonder to myself what kinds of books will be sold at the market's bottom (in about 7-8 years, I think). What would be the opposite of the book above? Books about the virtues of piety and self-sacrifice? Survivalist guides? Worshipful biographies of Karl Marx? I really have no idea.
We're in for a very interesting ride.
