Every Bubble Starts the Same Way

China's real estate has erased nearly 20 years of gains. Every bubble begins with the same belief: "This asset can never fall." It was said about Chinese property. We've heard it about stocks too. Investors once believed companies like

, , , could only get bigger. Reality had other plans. On the other hand, businesses like , , and have created enormous wealth, but only for investors who bought quality at sensible valuations and stayed patient. The lesson isn't that stocks or real estate are bad. It's that no asset deserves blind faith. Quality matters. Valuation matters.