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January 24, 2022
The Blind Leading the Blind by Pieter Bruegel the Elder, 1568 (Wikipedia Commons)

No More Greater Fools? History, Headwinds, Hubris & High Valuations

“This is the longest period of practically uninterrupted rise in security prices in our history. The rise was more rapid than has ever been seen, and its speculative attraction influenced a larger part of the public than ever before. The psychological illusion upon which it was based, though not essentially new, has been stronger and...
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