> Why so many people, even institutions, kept arguing otherwise baffles me. I think it was here on HN I first saw the expression "Pessimists get the benefit of

> Why so many people, even institutions, kept arguing otherwise baffles me. I think it was here on HN I first saw the expression "Pessimists get the benefit of being right, optimists get the benefit of being rich." I generally consider myself a pessimist (well I think I'm realist...) but I somewhat agree with this logic. What really happens is that (especially) institutions have to make money today. If you're in a bubble, and know you're in a bubble, philosophically it is quite correct to point out that everything around is is built on shaking foundations and will collapse. It can be maddening to see others not understand this. But if you're the one in change of a fund, and we're in a bubble, you can't simply not participate because their is still money on the table and your job is to grab it while you can. It doesn't benefit financial institutions to see bubbles or question fundamentals because it may make you hesitate when you should be focused on getting that next increase.