My friend and fellow Seeking Alpha writer Michael Hooper cited
a compelling quote from Charles Mackay, a 19th century author
who wrote “Extraordinary Popular Delusions and the Madness of Crowds”:
"During the progress of
this famous bubble (The South Sea Bubble), England presented a singular
spectacle. The public mind was in a state of unwholesome fermentation. Men were
no longer satisfied with the slow but sure profits of cautious industry. The
hope of boundless wealth for the morrow made them heedless and extravagant for
today."
Don’t let greed interfere
with rational thinking. Invest in companies that demonstrate prudence in its
financial affairs and avoid speculative investments.
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