A seasoned fund manager with decades of experience across multiple market cycles has issued a stark warning that the "Everything Bubble" driven by zero-interest-rate policy (ZIRP) and free money is now bursting. The investor, who managed venture capital funds during the dot-com crash of 2000, a private hedge fund during the 2008 financial crisis, and a mining stock fund during the 2020 downturn, described Thursday, November 5, 2026, as a moment of déjà vu, signaling that the party is over for risk assets. Persistent inflation is identified as the pin that has finally popped the bubble, with the consequences of years of easy monetary policy coming home to roost. The manager cautioned that equity bulls should reconsider their "buy the dip" strategy, arguing that there is still a long way down for markets as the structural fragility exposed by the current correction unfolds. This assessment from a veteran who has navigated three major bubble bursts adds weight to growing concerns about the durability of the current market regime.