This is an area where Warren Buffett and Nassim Taleb agree in opposition to the efficient market hypothesis. Speculative investments are occasionally culled, a

This is an area where Warren Buffett and Nassim Taleb agree in opposition to the efficient market hypothesis. Speculative investments are occasionally culled, and when that happens, some investors are injured, while others are completely wiped out. These moments of extreme plain make a fully diversified or even an anti-fragile strategy effective in the long run. Value investors don't get wiped out, they live to fight another day. This lesson was forced into me by my father during the dot com era, and it's been shown painfully true. The value trap is a concern, but market fundamentals are the only way to sleep at night. The biggest issue in markets is, due to the lack of need and cost of most public offerings, most companies with fundamentals are now out of reach of non-accredited investors and are completely funded by private equity.