“The biggest elephant in the room is Uber, valued at $62.5 billion. The company claims it is profitable by some measures in North America, but it is spending huge amounts of money to capture markets in China and elsewhere.If the world’s most valuable startup must curtail its ambitions, it would send shock waves through the whole system. Precisely when current weakness in the system forces a correction even sharper than what we’ve already seen is impossible to predict, because it is about mass psychology as much as it is the financial system.”