Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts.
George Soros
The prevailing wisdom is that markets are always right. I take the opposition position. I assume that markets are always wrong. Even if my assumption is occasionally wrong, I use it as a working hypothesis. It does not follow that one should always go against the prevailing trend. On the contrary, most of the time the trend prevails; only occasionally are the errors corrected. It is only on those occasions that one should go against the trend. This line of reasoning leads me to look for the flaw in every investment thesis. ... I am ahead of the curve. I watch out for telltale signs that a trend may be exhausted. Then I disengage from the herd and look for a different investment thesis. Or, if I think the trend has been carried to excess, I may probe going against it. Most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded.
George Soros
Plot involves fragmentary reality, and it might involve composite reality. Fragmentary reality is the view of the individual. Composite reality is the community or state view. Fragmentary reality is always set against composite reality. Virginia Woolf did this by creating fragmentary monologues and for a while this was all the rage in literature. She was a genius. In the hands of the merely talented it came off like gibberish.
Rita Mae Brown
The Western approach to reality is mostly through theory, and theory begins by denying reality — to talk about reality, to go around reality, to catch anything that attracts our sense-intellect and abstract it away from reality itself. Thus philosophy begins by saying that the outside world is not a basic fact, that its existence can be doubted and that every proposition in which the reality of the outside world is affirmed is not an evident proposition but one that needs to be divided, dissected and analyzed. It is to stand consciously aside and try to square a circle.
Bruce Lee
Our ability to destroy ourselves is the mirror image of our ability to save ourselves, and what is lacking is the clear vision of what should be done... What needs to be done is that fundamental, ontological conceptions of reality need to be redone. We need a new language, and to have a new language we must have a new reality... A new reality will generate a new language, a new language will fix a new reality, and make it part of this reality.
Terence McKenna
Greenspan's reaction with regard to the stock-market bubble has caused two more bubbles to grow: a real-estate bubble and a consumer-debt bubble... History will judge him one of the worst Central Bankers ever.
Alan Greenspan
Soros, George
Sosa, Mercedes
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