It seems that each generation must endure a period when common sense is abandoned and caution is thrown to the wind. The sheer size of the Baby Boomers, the faded memories of their grandparents' binge of the late 1920s, and a near reverence for government's ability to prevent downturns has combined to create perhaps the greatest speculative episode in history.
The prudent investor does well to recognize and avoid the madness of crowds. Experience is often the best teacher; an appreciation for history (the mistakes of others) can be less costly.
~ Kevin Duffy, September 23, 2001