As always and as ever, the blame for overpriced assets goes to... investors themselves. Who else? Investors of all stripes, driven by greed and FOMO, are the on

As always and as ever, the blame for overpriced assets goes to... investors themselves. Who else? Investors of all stripes, driven by greed and FOMO, are the ones who have been bidding prices up, either by not cashing out or by buying in at ever higher prices, sometimes with leverage. At every instant, every investor has the choice to cash out or avoid overpaying when prices get out of hand. But few investors ever want to do that when prices are rising. Individuals like Warren Buffett -- who has been avoiding overpriced assets and accumulating low-yielding cash for years -- are few and far in-between. Please don't blame government treasuries or central banks for the behavior of investors. They brought this unto themselves. If investors want someone to blame, they should look in the mirror. As Isaac Newton said after he lost huge chunk of his wealth in the collapse of the South Sea Bubble[a]: "I can calculate the motions of heavenly bodies, but not the madness of people."[b] --- [a] https://en.wikipedia.org/wiki/South_Sea_Company https://en.wikipedia.org/wiki/South_Sea_Company [b] https://www.goodreads.com/quotes/9276740-i-can-calculate-the-motions-of-heavenly-bodies-but-not https://www.goodreads.com/quotes/9276740-i-can-calculate-the...