Your daily reminder that markets can stay irrational longer than you can stay solvent.... After Greenspan's infamous 'irrational exuberance' speech in Dec'96, the S&P kept grinding higher over the next three years later to the tune of >100%.
Back then, the FED was openly worried about excessive valuations, yet policy remained supportive enough to allow the bubble to inflate for another three years. Valuation ceases to matter when capital is cheap.
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Your daily reminder that markets can stay irrational longer than you can stay solvent.... After Greenspan's infamous 'irrational exuberance' speech in Dec'96, the S&P kept grinding higher over the next three years later to the tune of >100%.
Back then, the FED was openly worried about excessive valuations, yet policy remained supportive enough to allow the bubble to inflate for another three years. Valuation ceases to matter when capital is cheap.