By many accounts, the first asset bubble in history occurred in the Netherlands during the 1630's. Tulip bulbs were the focus of that buying frenzy, and - for a short period of time - just one tulip bulb was worth more than some homes. We share that story to say: investment bubbles are not a new phenomenon.

The chart above shows some more recent asset bubbles. The tech bubble around 2000 and the US housing bubble around 2008 are well known, but this chart features some lesser-known buying frenzies: gold in the late 70's, the Nikkei index in the late 80's, and Thailand during the 90's.

Today, "market disruptors" appear to be in a bubble, and the disruptors portion of this chart tracks companies within the NYSE FANG index: Facebook, Apple, Amazon, Netflix, Google, Alibaba, Baidu, NVIDIA, Tesla, and Twitter.

While market bubbles aren't always evident until they pop, this chart is another indication that disruptors have seen prolific price appreciation in recent years -  and may be due for a correction relative to their peers.

The team has spent much of this month practicing social distancing, hand washing and spending time at home with our families.  But, we were able to get some celebrating and networking in!

• Liz Garvey celebrated her 10-year anniversary at Barry.  Congratulations, Liz!
• Whitney Holland participated in a virtual round table with Chief Operating Officers from other RIA's in the area.  The meeting was hosted by Fidelity and focused on best business practices while working through these unique times.