‘Trouble ahead’ is signaled by a rare combination of low-quality securities, staggering valuation metrics, overleveraged capital structures, a scarcity of honest profits, a desperate dearth of understanding evinced by the most active traders, and economic macro prospects that are not as thrilling as the mobs braying ‘Buy! Buy!’ seem to think.
Pulling out your hair is an option, though only if you have hair to spare. Hiding under the bed to avoid people who gloat about being long Bitcoin can get…tiring. Deep breathing exercises can work, but only for short periods. We continue to press on for the day when we can say, ‘We told you so.’
~ Paul Singer, $42 billion AUM Elliott Management letter to shareholders on January 28, "Paul Singer Warns of Trouble, and Is Eager to Say ‘Told You So’," Bloomberg, February 26, 2021