There is smart money, there is dumb money, and then there is too much money. One warning sign of a financial bubble is the arrival of nontraditional investors with enough buying power to skew valuations. During the housing bubble, it was return-hungry European banks and insurers that pumped money into seemingly safe derivatives backed by subprime mortgages. Decades earlier, Japanese conglomerates snapped up trophy properties abroad during that country’s epic boom. This time around, Saudi Arabia’s technology investments could...

Source: Wall Street Journal May 16, 2019 10:52 UTC