If you are willing to look like a total fool after the crash, you will be popular before the crash. But if you’re willing to look like a fool BEFORE the crash, you will look like a GENIUS once it happens.
Podcast Transcript: “I don’t know who deserves credit for this quote, but it’s a brilliant quote – and it wasn’t me who made it up. It says that, “The existence of bubbles forces you to choose between looking like a fool before the bubble or looking like a fool after the bubble.” Pick one. If you go along with the bubble, the hype and the big run-up of prices that creates the bubble, then you are socially accepted because bubbles are always popular – that’s what makes them bubbles, right? They are always in vogue and people will applaud you and say ‘yeah, you’re positive. It’s going to go up forever. Everybody’s going to get rich at the same time off of – you name it – bitcoin, dot com stocks, the stock market in general, the housing market – whatever.’ All bubbles are the same in that way. You can go along with the popular status quo, you can look cool and be accepted by everybody – because everybody thinks they are all getting rich – and then the bubble crashes – and you look like a fool. ‘Why?’ Because you lost 90%…” Listen to the full podcast below: