"At major market tops, it isn't uncommon to see the formation of anti-bubbles alongside bubbles. And those anti-bubbles can bottom when the bubbles peak. In fact, some of the greatest buying opportunities can take place at major tops such as 2000. If you look at some of the Old Economy rejects, the cheapest many of them ever got over the past 30 years was in March 2000."

This rings especially true right now. We're witnessing one of the greatest collective delusions in modern history: American exceptionalism. It's the unshakable conviction that the United States remains unmatched in technology, military power, democratic government, economic vitality, and cultural influence. Hubris and an aura of superiority run deep.

Meanwhile, the real story unfolding is the anti-bubble: China.

China's Rise

The US side of this tale is starting to fray. The empire is stretched thin, drowning in debt, and distracted by endless political cage matches. Democracy has become a spectator sport and the economy groans under layers of government intervention—think stakes in Intel or "gifted" shares from OpenAI. As the AI semiconductor bubble goes parabolic, the broader narrative of superiority is cracking.