Kevin Duffy on market extremes

Market tops are seductive, crowded, raucous, faith-based affairs. Central bankers are lionized, technologists appreciated, businessmen lauded as they fill the government’s coffers, gurus and charlatans elevated, and economists cheered as they explain why the business cycle is no longer relevant… Bottoms are grueling, demoralizing, faith-shattering and so lonely you can hear a pin drop. As bust exposes the boom’s sins, the curtain is pulled back on its leading authorities.

~ Kevin Duffy, Bearing Asset Management, "For Whom Do the Bells Toll", Barron’s, June 18, 2007