STREET DOGS: Pop culture — betting against a bubble
The problem with bubble-spotting is no matter what happens, you assume you’re right
Am I being disciplined in my long-term approach or blind to the fact that the world has changed is the single most difficult question to answer as an investor because no-one is right all the time.
The truth is the answer to this question is always unknown. Sometimes you have to look like an idiot for a while before your investment thesis pans out. On the other hand, there’s the old saying that insanity is doing the same thing over and over again but expecting a different result. What if continuously betting against tech stocks in a big way proves to be the definition of insanity? These stocks would have to see a spectacular crash to fall back to levels last seen in 2016 or 2014. But stranger things have happened, I guess. ..
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