Mistakenly

April 7, 2011 2:30pm by Barry Ritholtz

I have this print by Hugh McLeod — Mistakenly — hanging in my office.

It was on my business card for several years (2005-08). Every time I would do a presentation on the dangers of the Credit bubble and housing boom, some manager would say: “But the market keeps going higher — why should we avoid banks or home builders?”

Sure its going higher — that is what blow off tops are about! But we could see a 30, 40 even 50% crash when the bottom falls out. Fair value on the Dow is only 9800, and the panic once we break thru 10,000 could send it down another 3000 points.

“Impossible! Never gonna happen.”

Hence, the card.

Via Gaping Void

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