Benjamin Graham
“Human nature being what it is, small loopholes are likely to be exploited until they become big ones, and big ones until they turn into financial disasters. At the root of all financial bubbles is a good idea carried to excess.”
Seth Klarman
“Booms start with some tie-in to reality, some reason which justifies the increase in asset values, and then -- and this is the critical feature of speculative mood -- the market loses touch with reality. What we do know is that speculative episodes never come gently to an end. The wise, though for most the improbable, course is to assume the worst.”
John Kenneth Galbraith
"Wall Street in boom days is an aggregation of madmen. The Stock Exchange becomes Bedlam well dressed. In the end, of course, all violations of the fundamental laws of economic and financial common sense are paid for; but every bull thinks he will unload before the break. They really do not know when to stop winning, and so in the end they lose profit and principal.”
Edwin Lefevre
Stocks were striving to keep up their efforts to keep posting new highs, with mixed results.
Gold and silver were slightly higher.
The Dollar was lower, but managed to hang on to the 94 handle with its fingernails.
The VIX was slightly higher.
And the band played on.
Have a pleasant evening.
