You Just Don’t Get It!

You just don’t get it! This is a common refrain that gets uttered during periods of market excitement. Asset prices become dislocated to the upside beyond any reasonable underlying fundamental reason. And when such extreme pricing behavior is brought into light, it is often refuted with the exclamation that “you just don’t get it” followed by a discussion about effectively why this time is different in that extreme prices are not only fully justified but should continue to rise to the stars. Everyone loves a good party. But no matter how much fun everyone might be having, all good parties always come to an end. And the more epic the party, the more painful the subsequent hangover often turns out to be.

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