“We’ve had this extraordinary era of bubbles in our society: There was the dot-com bubble in the ‘90s — which was, of course, full of crazy and misguided optimism — [and] the housing finance bubble in the last decade. I would argue you have a government bubble today, an education bubble, and still bubbles in various other areas where you have these sort of psycho-social phenomena. I always find myself very distrustful of intense crowd phenomena and I think those are things that we should always try to question, especially critically. But at the same time, it’s not simply going against the crowd; it is always the much more important question to try to figure out what the truth of the matter is.”

http://www.realclearmarkets.com/articles/2014/11/25/interview_with_peter_thiel_the_popular_contrarian_101401.html

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