“It is of the nature of organized investment markets under the influence of purchasers largely ignorant of what they are buying and speculators who are more concerned with forecasting the next shift of the market sentiments than with a reasonable estimate of the future yields of capital asset, that, when disillusion falls upon an overoptimistic and overbought market, it should fall with sudden and even catastrophic force.”
John Maynard Keynes - Chapter 22, The General Theory
This definitely makes you ponder whether the pricking of an asset bubble or a sentiment balloon should be viewed with fear of the unknown or a welcome & refreshing cheer!
Readers, would love to have your views on this.
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