Money Quotes 91

The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities -- that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future -- will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.
April 30, 1998.
People    
Life    
God    
World    
Religion    
Love    
Work    
Knowledge    
Mind    
War    
Truth    
Man    
America    
Science    
History    
Peace    
Thinking    
Death    
Good    
Art    
Human    
Politics    
Money    
Success    
Follow Us on...