Yes, that’s very true. An example of “Markets can remain irrational longer than you can remain solvent” type of situation. Bears could see the problems, which are now becoming clear to everyone, but overestimated the speed at which the system would correct and underestimated the extent to which the irrational exuberance would continue. On an inflation adjusted basis, the DJIA doesn’t look so hot versus 2000, but if you bought the 2003 bottom, you’re doing well. You sound pretty level headed. That’s the key, IMO. It’s imperative to keep emotion from clouding judgment.
When you say you’re waiting for the bubble to pop, what are you talking about? gold? oil?
I love your quote!