This is what bubbles do to us. Even if you’re not going to hit the jackpot, all that money floating around still makes it hard to focus on things that take time. Rush. It’s a game of musical chairs. The music will stop and you won’t have a place to sit. It’s all the more dangerous today because the employment situation, outside the bubble, is bleak. I think for most of us, the Facebook IPO is a transition, maybe to something better. A peak. It sure isn’t making us rich. And it’s not giving us much to hope either.
Dave has seen many cycles. When he speaks, he speaks the truth. And sometimes truth is hard to internalize.