That's fair enough. Prefacing it, as "even if you're right, the market can remain irrational longer than you can remain solvent" gets that point across better;

That's fair enough. Prefacing it, as "even if you're right, the market can remain irrational longer than you can remain solvent" gets that point across better; that there's a dual risk in betting on the downside scenario. When I hear people saying this, the subtext is usually that there is obviously an actual bubble that will pop someday. Rather than a warning, the statement is more of a joke about how stupid the market is.