Part 8/15:
A central theme of the interview is whether today’s markets resemble 1929. Sorcin argues that while there are similarities—such as high leverage, speculative behavior, and regulatory gaps—the context globally, technologically, and politically has evolved. Nonetheless, he acknowledges signs of potential bubbles, especially in the realms of private credit, real estate, and the tech sector, notably AI investments.
He warns that current leverage—particularly in sectors less scrutinized—could pose risks comparable to past excesses. Sorcin emphasizes that bubbles don’t have to match 1929 exactly; smaller shocks can cause significant upheaval. He notes that the omnipresent theme is human nature: a relentless pursuit of more, fueled by media, technological innovation, and a desire for wealth.