Mar 3, 2022

Kevin Duffy on the everything bubble

Meme stock madness was the umbrella on top of an all-encompassing cocktail served to far more than retail investors.  Central bankers, mainstream media, academia, Silicon Valley and the military industrial complex all imbibed from the same glass: a belief that government is the solution to all problems.  These institutions, drunk with power, formed twin personalities: enabler and disciplinarian, arsonist and fireman, gas-lighter and psychologist, social butterfly and censor, trouble-maker and policeman.  They created a new reality to justify their existence, but it was always a delusion. 

Morning comes soon enough.  The party was fun while it lasted, but tremendous damage was done.  The hangover is never pretty, but signifies a much needed, albeit unpleasant, return to health.  Likewise, bear markets and recessions have their place: They remove toxins, impart lessons, encourage productive behaviors and provide a path back to financial health.

~ Kevin Duffy, "The Hangover," The Coffee Can Portfolio, March 1, 2022



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