In this issue:

• Climate Control and Financial Centers

• Gogol, Coase, and McKinsey

• Theaters and Collective Action

• How Bubbles Work

• Inflation

Climate Control and Financial Centers

In 1999, Barton Biggs and James Glassman had a debate at the Allen & Co. Sun Valley conference. Topic: were equities overpriced? Glassman, who had had recently co-written Dow 36,000, p…