This Time It's Different
Comment of the Day

June 14 2019

Commentary by Eoin Treacy

This Time It's Different

Thanks to a subscriber for this note from Howard Marks, for Oaktree which may be of interest. Here is a section:

Eoin Treacy's view

A link to the full note is posted in the Subscriber's Area.

The biggest manias tend to have the biggest internal contradictions which everyone is conditioned to accept while the bubble is inflating but can identify as ridiculous after it pops. That is one of the most important tenets of crowd psychology to remember during the Third Psychological Perception Stage of a bull market; where bubble risk is most acute.

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