While business news has been focusing on the fumes of the GameStop gambit, wider and larger interest needs to be placed on market distortions, because runs of cash into equities for companies losing moneyand into options to make more money faster have become commonplace. More recently, cash has been pursuing assets, many of which have acted like GameStop and skyrocketed in price and perceived value.Risks have escalated, but FOMO (the fear of missing out) on the next big return has made concerns about risks seem quaint. A perspective that assets only increase in value has spread well beyond the equities market and is driving prices higher for things as widespread as sneakers, wine, sports cards, houses, single malt Scotch and, of course, Bitcoin. Are these examples of mania-driven (imminent) bubbles, or are they merely smart plays for higher returns? Should we add that online gambling has hit an all-time high? The scramble to own assets has moved the economy’s excessive dependence on equities to sustain growth,which we characterized as “A Lot Is Resting on Equities” to something more like “A Lot Is Resting on Assets.”To anyone with even a passing grasp of history, ignoring risks and driving asset valuations to excess soundsdespairingly familiar.