Bubbles can exist in markets for collectibles, not just industries and technology

The Beanie Baby craze is known as one of the wildest collectible bubbles in history

The Beanie Baby boom saw collectors drive prices for stuffed animals into the hundreds or thousands of dollars, fueled by hype surrounding scarcity and online bidding wars. When demand collapsed in the early 2000s, the market crashed—leaving steep losses for many speculators.

Learn about what causes economic bubbles, including how forces like cheap credit, soaring optimism, and feedback loops push asset prices far beyond fundamentals—until a single shock triggers panic, selling, and a rapid collapse.

'Tulip mania,' the 1630s Dutch craze where rare bulbs were briefly traded like luxury assets, may have been the first financial bubble—and it still shapes markets today.

Indicators of economic bubbles include euphoric narratives and extreme valuations.

Beanie Babies used to be viewed by some as alternative investments

Beanie Baby stuffed animals were once a hot collector item with skyrocketing prices as people believed that the toys would significantly grow in value over time.

The world of rare and expensive Pokémon cards

The rising value and popularity of Pokémon trading cards is driven by nostalgia, influencer culture, and the launch of Pokémon Go. Fans of the decades-old Japanese game are now seeking to buy rare cards in mint condition for thousands of dollars, sometimes even millions. Learn more about the frenzy to collect these rare cards, and how influencer Logan Paul helped boost market interest in this article.

Magic: the Gathering was inspired by baseball cards

Richard Garfield originally pitched a game publisher on a more complex game about programming robots, but he was told that they were looking for something less expensive and more portable. Inspired by the way baseball cards were collected and traded, he came up with the idea for Magic: the Gathering, which gave players packets of random cards, effectively pieces of the whole game, rather than the entire deck.

The lifecycle of a financial bubble often follows a predictable pattern

Economist Hyman Minsky originated what became a five-stage model of an economic bubble: a new “displacement,” a rapid boom, euphoric speculation, early profit-taking by insiders, and finally panic selling. From Japan’s 1980s real-estate surge to the 2008 crash, the pattern repeats across eras and assets.

Listen to a podcast episode about the time a 'Bored Ape' NFT—a valuable, unique digital asset stored on a blockchain—was kidnapped.

The 1929 stock market crash is a defining example of a financial bubble burst

Fueled by margin speculation and intense optimism, stock prices soared to unsustainable levels before collapsing in late October—erasing billions in market value within days.

The South Sea Bubble was an 18th-century scandal that redefined speculation

This video illustrates how the South Sea Company in Britain sparked a stock boom in 1720, with promises of huge trading profits, driving shares to unprecedented heights before a sudden crash wiped out the fortunes of investors—including Isaac Newton, who lost an estimated £20K.

Hear what Michael Burry thinks about the possibility of an AI bubble

Since his success shorting subprime mortgage-backed securities in 2008, Burry's positions have often become influential, sparking conversations on platforms like X. In 2025, Burry drew attention for betting against Nvidia and Palantir for being overvalued companies.

The dot-com boom sent tech stocks soaring before a historic collapse

A look at the dot-com bubble, when investors poured money into unproven internet startups, driving the Nasdaq to dizzying heights before it crashed by more than 80% after 2000, showing how new technologies can detach markets from reality.

Spellcaster: the rise and fall of Sam Bankman-Fried

The rapid collapse of FTX, one of the world's largest cryptocurrency exchanges, in late 2022 shocked the world. At the center of the fiasco was Sam Bankman-Fried, a 29-year-old wunderkind who had entranced politicians, journalists, financiers, and others with his melding of altruism and digital currency. The sordid details revealed as the empire fell captured public attention—venture into the death spiral with this in-depth podcast from Bloomberg.

Catching up with hobby icon Sy Berger

In 1952 baseball card company Topps printed two series of cards. The first series sold well, but the late-season series, numbered 311-407 and included Mickey Mantle, didn’t. Read the first-hand account of how Topps couldn't’ even give the late-season series cards away and dumped an estimated 500 cases into the Atlantic Ocean in 1959. Decades later, it created a scarcity that drove the price of that Mantle card to $12.6 million.

A 1930s card game birthed modern fantasy sports

"National Pastime" used the statistics of real Major League Baseball players to determine a winner, creating the template for the modern fantasy sports model.

The global horse market is worth about $400B

In this podcast episode from a new series on horses, Freakonomics explores the market around buying and selling some of the world's top sport horses, and the nebulous forces that make them so valuable.

Pop Mart is the company behind the viral Labubu toy craze

Labubus, the Chinese collectible toys, are being heralded as the next Beanie Babies. Pop Mart, the company behind the Labubus, is using a few psychological tools to keep the Labubu economy booming.

The memecoin casino

This podcast episode dives into the origin story of memecoins like Dogecoin and how people make money off of them in the crypto world.

Google’s CEO has warned that today’s AI boom shows ‘elements of irrationality’

An interview with Alphabet CEO Sundar Pichai warns that the trillion-dollar surge in AI valuations may contain clear signs of irrationality, echoing past tech bubbles. He says no firm—including Google—would be immune if the boom cools or bursts.

The 2008 financial system unraveled in a wave of speculation

Michael Lewis—author of the bestselling "The Big Short"—explains how a wave of speculation (among other factors) drove the 2008 collapse, from lenders issuing risky mortgages to Wall Street turning them into fragile securities. He also highlights the few outsiders who recognized the bubble and bet against it before the crash.

The role stories play in mass economic trends like bitcoin, crashes

Economics is dominated by numbers, but stories play a huge role in the emotional shifts seen within macroeconomic trends. For example, bitcoin is not just a cost-benefit winner, but a compelling tale of decentralization and independence. This is a 20-minute summary of Nobel prize-winning economist Robert Shiller's "Narrative Economics."

The dot-com stock bubble taught Howard Marks about markets

Annual investment letters from Howard Marks, the billionaire cofounder of top distressed debt shop Oaktree Capital Management, are required reading on Wall Street. The prolific writer and investor explains the distinction between the folly of trying to time the market and the necessity of paying attention to market cycles. The difference makes all the difference in returns.

How 'Star Wars' turned toys into collectibles

George Lucas licensed the "Star Wars" franchise to Kenner Products, which created small figurines that became wildly popular. By the 1977 Christmas season, they were facing a shortage and sold mail-in rainchecks, effectively allowing customers to purchase figures that weren't yet produced. The strategy worked, portraying the toys as valuable collectibles whose price would appreciate.

Some experts equate prediction markets to the new crack cocaine of gambling addiction

An addiction psychiatrist at UCLA says betting apps are far more potent than traditional gambling, citing a 19-year-old patient who lost $180,000 and hadn't left campus in a year, cycling through sports bets, crypto, meme stocks, and prediction markets on his phone. This interview explores the extreme edge of the nascent industry.

NFT trading volumes rose 700% in the third quarter of 2021

Non-fungible tokens, digital assets backed by smart contracts, gained mainstream recognition in 2021 as the digital assets’ popularity rose in tandem with investors’ appetite for risk. NFTs are unique and not divisible.

Ethereum Founder Vitalik Buterin was surprised by the emergence of NFTs

Scams have pervaded the NFT space and made critics question their legitimacy, but proponents believe their use cases could one day extend to real estate and credit scores.

Bitcoin started as a .PDF

Have you ever wondered how bitcoin became, well, bitcoin? In this podcast episode, journalist PJ Vogt dives into what drove the bitcoin hype machine, explaining how it became the phenomenon it is today.

‘The Giant Pool of Money’ remains one of the most acclaimed accounts of the 2008 housing bubble

This Peabody Award–winning "This American Life" episode traces how cheap global money, subprime lending, and Wall Street engineering inflated the housing bubble. Through vivid reporting and real voices, it became one of the defining works of 2000s financial journalism.

The dot-com bubble burst in the early 2000s

If you’ve heard of companies like Google and Yahoo, you’re already partially familiar with the dot-com bubble: a period from roughly 1995 to 2001, when internet companies were the hottest thing in venture capital. The “bubble” part of the term refers to the industry’s eventual implosion.

A unique art piece became the most expensive NFT when it sold for $92M

Non-fungible tokens sold for millions of dollars during their popularity peak from 2021 to 2022, with the top ten most expensive NFTs all costing upwards of $7M.

PixelMap, one of the oldest NFT projects, made its creator an overnight millionaire

PixelMap suddenly became popular as crypto enthusiasts looked to own a piece of NFT history. Its creator talks about its surprise success in this podcast.

Prediction markets and sports betting are not forms of investing, despite how some fans portray them.

Pop culture sometimes changes the way people invest

After the "Barbie" movie premiered, the number of investors in Barbie parent company Mattel's stock grew more than six times larger on the investment platform Public, according to the platform's recent report. Other cultural trends have affected which stocks investors choose as well.

Scientific applications of bubbles include logic gates, laser production, and medical imaging

Microbubbles of nonreactive gas can be administered to improve the reflection of sound waves and the resulting imaging during an ultrasound. Bouncing light waves within a bubble can stimulate emission of light from a trapped chemical, just as occurs within a laser, and bubbles can act as valves that control the flow and reaction rates in microfluidic systems.

Crypto history's is full of bizarre stories

Digital currencies based solely on misspellings of former President Joe Biden’s name have skyrocketed, and backers of a token based on a Shiba Inu wearing a hat raised $690K to get their logo on the Las Vegas Sphere.

AI investment may be the next major economic bubble

A video examines the massive surge in AI spending—forecast to hit $500B by 2026—and how this may be propping up a fragile US economy. Experts warn that if AI investment slows or under-delivers, the consequences could be felt in markets, jobs and growth.

Prediction markets—the platforms where users can trade bets that pay out depending on certain event outcomes—have faced questions about insider trading.

The number of active art NFT traders peaked above 529,000 in 2021

The market for art non-fungible tokens has collapsed since its 2021 peak. In 2024, it had just 76,000 active traders.

Prediction markets convinced regulators they're not gambling, but exchanging commodity futures contracts

Kalshi built a legal case that argues its yes/no bets on real-world events are futures contracts, and the relevant regulator—the Commodity Futures Trading Commission—agreed in 2020. Many states are now suing major prediction markets, arguing this legal case is faulty and obscures the true substance of the business: gambling.

Just because a big name company is going public doesn’t guarantee a successful stock

A reporter dove into how highly anticipated IPOs can still be risky, and why retail investors should be wary of investing right away.

Listen to a 2026 interview where Bumble's CEO said its stock is down 96% since its IPO 'for no reason'

CEO and Founder Whitney Wolfe Herd said the company is still performing very well. She added that the business makes $1B per year and referred to it as profitable. She went on to say "who knows what people trade stock on?" and that she believes the stock market has written Bumble off as if it were debt

In the aftermath of the 2008 financial crisis, the Fed began a program of quantitative easing

This program injected trillions of dollars of new money into financial markets to stimulate the economy. The move catalyzed an 11-year bull run and was repeated during the pandemic. Experts argue such power could worsen wealth inequality and contribute to bubbles in housing and finance.

A 'unicorn' is a private company with a $1B-plus valuation

Just like a horse with a spiraling horn on its head, private companies with a more than $1B valuation are rare creatures. But unlike the mythical creature, this type of “unicorn” is occasionally spotted in the wild. Unicorn companies include SpaceX, OpenAI, Skims, and more.

Explore a list of the world’s weirdest and wildest ETFs

Whether you’re leaping straight into the future and looking for stocks picked by AI, a sci-fi aficionado who wants to invest in space travel, or a drama enthusiast looking to make money on stock market volatility, the ETF market’s weird corners have something for you.

NFTs have been leveraged by brands to represent physical and digital items

The buzz around non-fungible tokens has faded since 2021 to 2022, when brands including Prada and Starbucks launched their own NFTs. While Prada’s NFTs were linked to limited-edition fashion items, Starbucks’ were part of a loyalty program.

NFTs are unique assets that exist on the blockchain

This SNL skit accurately defines non-fungible tokens in a song and skit. They are cryptographic tokens that represent digital assets like art, and their value can be volatile.

'Planet Money' debates the financial indicators that defined 2025

In this end-of-year episode, "Planet Money" stages a playful debate over which economic indicators best captured the chaos of 2025—from tariffs to AI bubbles—and which signals may matter most as the US economy heads into 2026.

How art-backed loans work

Using your art collections—some of which are valued in the millions—to secure a loan is becoming more common among collectors. Here's a breakdown on how banks and private lenders are making best of the opportunity in liquidity.

The private credit industry offers nonbank loans directly to businesses, particularly privately held midmarket companies.