|It is not seemly for a Q investor (including me) who went through Q's 1999 speculative mania, including the memorable 156 point day at the end of that year, to decry or in any way denigrate the beauty and the profits inherent in any speculative mania. |
Of course, speculative manias are socially worthless, economically insane, etc., but there is nothing inherently wrong in anticipating and profiting from them, as we both did, and as I am preparing to do again, this time a bit more astutely, I hope. No one will prevent manias just as surely as human nature will never change. The best thing to do is to recognize them early and get out of them before they crash, for crash they will.