WARWICK LUCAS: Are bulls really just sheep?
The trouble with bull markets is that they are not investment fests, they are social events
Many folks think finance professionals like bull markets. Some do. However, I can’t abide a runaway bull market for more than the concern that a tab is being quietly built up in the ether.
In 1999, feeling battered after treating the 1998 crash as a mid-cycle correction, I spent a week on a friend’s ranch. Doing rounds in a bakkie, we stopped to look at something nondescript in a field. Some sheep trundled over, thinking a treat was being dished out. Others followed. By the time we had driven on, several hundred sheep were thundering down the hillside, looking for a treat that wasn’t there. Shades of some bull markets I’ve seen...