dancing in a room in which the clocks have no hands

[Chan]

I love Buffet as much for his prose as his prolific investments.  I saw this quote today and had just been thinking something similar (not quite as poetically).  He penned in 2000 (just prior to the dotcom bubble crash)  “The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs...Nothing sedates rationality like large doses of effortless money...They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.’

I hate to be a naysayer at a grand ball, but it seems like the new young Cinderella investors are partying like its 1999. 

[PonoBill]

Even the old Cinderellas are dancing a bit.

[Chan]

   I'm running in and out grabbing snacks.