gst, the greater fool approach can, and does, make billions in a bubble market. many people made billions on stupid investment dsecisions. that is what occurs, by definition, in a bubble. it could be no other way. irrationality makes money = bubble.
but, alas, in the end, no bubble in the history of the world has led to permanent wealth gain by the masses. in fact, depressions and recessions are sure to follow. sure, 1/100 beat the odds. i'm not willing to play those odds.
mark reminds me of the guy who goes to the horse races and proclaims "i just won $1,000!" what he doesn't tell you is that he spent $3,000 trying to do it.
i'm not saying he isn't up big b/c he did pick some good entry times. what i am saying is the game isn't over yet and, if the greater fool theory game is continued to be used as a basis for investing, he will eventually wish he never played the game. with a 99% probability, anyway.
don't wait for mark to tabulate his losses and post them. ain't gonna happen. |
