Why Everyone’s Trading
The Irrelevant Investor
JULY 23, 2020
Last night something happened that will stay with me for the rest of my life. Before I get into that, I want to share my favorite description of the late stages of a bull market from "Adam Smith's" Supermoney: We are all at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air. We know, by the rules, that at some moment, the Black Horseman will come shattering through the great terrace doors, wreaking vengeance and scattering the survivors.
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