“The market can stay irrational longer than you can stay solvent.”
-John Maynard Keynes
Looks like another case of this applying. Though it's sad, I am heartened to know that giants can succumb to this too. Lord knows it's hit me enough.
Looks like another case of this applying. Though it's sad, I am heartened to know that giants can succumb to this too. Lord knows it's hit me enough.
There isn't much evidence that was said by Keynes:
>...In conclusion, this saying appeared in print by the 1990s and was closely associated with the financial analyst A. Gary Shilling. Based on current evidence it is possible that Shilling crafted of this apothegm. The journalist Jason Zweig believes he heard the phrase earlier and thinks it was in use by the late 1980s.
https://quoteinvestigator.com/2011/08/09/remain-solvent/
(I don't mean to derail your comment as I agree with the rest of it - just don't like to see misattributed quotes.)
I tried to research the attribution a bit, but clearly fell short. I was pretty surprised that Keynes would be able to come up with that. I'll try to edit my comment appropriately
Or it can stay irrational as long as it has a wealthier billionaire backing it.
People forget that HLF was headed for collapse until Icahn and a few other billionaires backstopped HLF.
There is a reason why Ackman is worth $1 billion and Icahn is worth $16 billion.
Seems a little game of thrones-y.
Sometimes I wonder how much of our rational "systems" are mere fronts for powerful people no different from the chieftains of pre-history. Sigh.