When Americans vote in the US presidential election in seven weeks’ time, they will implicitly judge the incumbent on his track record. Four years ago, when they first elected Donald Trump, they had little more than his rhetoric and business career to go on.
To many at the time, the pre-politics Mr Trump was above all a wealthy media personality with business interests in everything from vodka to beauty pageants.
Unsurprisingly, given his divisiveness, his acumen and track record as a corporate entrepreneur have long been debated. But one lesser-known period in the president’s life before the White House stands out as an important lesson about asset bubbles.