In this episode of Run the Numbers, CJ sits down with financial historian and PayPal Mafia member Aman Varejee to explore the recurring patterns behind economic bubbles. Drawing on research from his upcoming book “A Brief History of Financial Bubbles”, Aman explains what defines a bubble, the psychology that fuels speculative manias, and why major technological shifts—from railways to the internet to AI—often coincide with periods of extreme market speculation.
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LINKS:
Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN
Aman: https://www.linkedin.com/in/aman-verjee/
https://practicalvc.com/
Aman’s book: https://bigbubbletrouble.com/
CJ: https://www.linkedin.com/in/cj-gustafson-13140948/
Mostly metrics: https://www.mostlymetrics.com
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TIMESTAMPS:
0:00 Preview and intro
1:38 Welcome and guest intro
3:48 Defining a bubble
6:03 Cognitive biases behind bubbles
10:27 Sponsors — RightRev | Rillet | Tabs
13:56 Do bubbles produce breakthroughs?
14:35 Dot-com bubble — winners and losers
16:00 UK railway bubble
21:24 Bubble warning signs
25:30 Sponsors — Abacum | Brex | Metronome
28:47 Do bubbles attract grifters?
31:11 Role of government in bubbles
35:59 Bubble duration vs. severity
37:32 2008 — roots go back to 1992
40:27 Are bubbles connected through time?
43:38 Are we in an AI bubble?
45:06 Nvidia vs. Cisco valuation comparison
46:52 Circular finance in AI
49:16 FP&A at PayPal under Thiel and Musk
52:02 PayPal's referral campaign and LTV/CAC
54:40 Book plug
55:09 Credits
#RunTheNumbersPodcast #Fintech #EconomicBubbles #FinanceHistory #CFO
Run the Numbers 
