In Episode 53 of Hidden Forces, Demetri Kofinas speaks with Gillian Tett, Managing Editor of the Financial Times US about her experience at the paper and how her background in anthropology has helped her identify financial bubbles in technology and the economy. “It's tough to make predictions, especially about the future,” said the famous Yankee captain, Yogi Berra, and yet, this hasn’t stopped us from trying. Attempting to predict the future is a sport as old as civilization itself. Oracles and wishing wells litter the landscape of humanity’s past. Yet, in a world whose outcomes are no longer determined by the forces of nature, ordaining the future has become a matter of market introspection. Learning how to cultivate a sense of objectivity, empathy, and cultural awareness can be the difference between staying ahead of the curve or falling far behind it. Gillian Tett has managed well by this measure. The Managing Editor of the Financial Times US is trained as a cultural anthropologist who applies her knowledge of human cultural practices, values, and norms towards trying to identify key trends in finance and the economy. In this almost hour-long conversation with Demetri Kofinas, Gillian shares stories about how her experience covering financial markets, as well as her background as a cultural anthropologist, has helped her to spot financial bubbles in technology and the economy. Prior to the crisis, Gillian Tett and her team of capital markets reporters were some of the only financial journalists to cover the arcane world of credit derivatives. Since 2008, she has been one of the most important journalistic voices in all of economics and finance, moderating panels and conducting interviews at the most prestigious conferences and private gatherings around the world. Our conversation begins in Tajikistan, where Gillian studied local wedding rituals as part of her doctorate in cultural anthropology. She would later draw a useful comparison between Tajik wedding rituals and what she was seeing in the space of credit derivatives (specifically, the innovations happening at JP Morgan). The conversation quickly shifts to the 2008 financial crisis, and what the now managing editor of the Financial Times learned from her experience covering the panic of ’08-’09. This was a period in which central banks engaged in extraordinary measures aimed at shoring up the global financial system for fear that if they did not, a banking collapse would ensue. Fortunately, the system survived, but not without leaving some lasting scars… The rest of Demetri’s conversation with Gillian Tett is an exploration of the current financial landscape. Where have the risks accumulated post-2008? Much of today’s investment capital has accumulated in technology stocks and in technology-related companies. Private placements have boomed, and pre-IPO valuations have skyrocketed. Unicorns like Uber, Theranos, and a litany of cryptocurrency ICO’s have shot straight to the moon. The growth of wealth and income inequality since 2008 can be seen in these sky-high valuations. Sovereign balance sheets have also exploded as a legacy of the crisis, but little has been discussed about the growth in corporate debt over the last six to eight years. Not only is the amount of corporate debt important, but the form that debt has taken is telling. Hampered by new regulations, as well as the memory of the last crisis, banks have curbed back their lending only to see bond make up the difference, buying up new offerings across the risk curve. Emerging markets have been a big beneficiary, not only of the appetite for high-yield debt but also, of loose monetary policy. The dollar carry-trade has become a powerful funding mechanism for emerging market economies and companies, which are now at risk of a dangerous snap back as the Fed continues to tighten, raising interest rates and shrinking the size of its balance sheet. Volatility remains low, but with prices having made all-time highs