Because people typically believe any narrative associated with a rising asset price. “This person was early and bullish and has made money so they must understa

Because people typically believe any narrative associated with a rising asset price. “This person was early and bullish and has made money so they must understand it.” The ill-informed association of wealth and genius are age-old and in many ways a necessary ingredient for a bubble to form in the first place. The same is true on the way down by the way. People nobody listened to because they were incorrectly bearish in a bull market are suddenly entrusted. People who were bullish are disregarded. People believe any scary narrative associated with declining asset prices. This process plays out in a fraction of the time.