The Kozmic Bubble |
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“As you can see, we had entered a classic momentum market, where the price of the goat had decoupled from the fundamental value of the goat: the cost of a goat now vastly exceeded the capital returns which were possible over its lifetime from sale of milk, cheese, and, ultimately, meat and skin. However, vast fortunes can still be made in strong momentum markets, regardless of fundamental values, as long as you are not the one left holding the goat when the reversion to fundamental value occurs. And so I stayed in the market, fully invested in goats.”
(Aa radio play of the Great Hargeisa Goat Bubble is available on iPlayer for another 24 hours)
