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Some things never change, really since the the 1600s

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While the markets sort themselves out and the FTSE100 puts in a late rally from the buy-the-dips boys FOMO if the US rallies away (Hmm...), I thought I would post the article below about an old (the oldest actually) book on trading up for auction at Sotherby's.  The article summarises the book and the times it was written in but I am struck by the parallels.  This is really about the fact that markets may change, times may change, technology may change but human nature (it seems) changes very little indeed.  This is both disturbing and reassuring in equal measure.

Also, BTW, this kind of excessive asset valuation is synonymous with end times...


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That's very true, some things never change, I saw this go through a couple of weeks ago, here's De La Vega's description of bulls and bears from the same book.

"The bulls are like the giraffe which is scared by nothing … They love everything, they praise everything, they exaggerate everything," he writes.

"The bears, on the contrary, are completely ruled by fear, trepidation, and nervous ness. Rabbits become elephants, brawls in a tavern become rebellions, faint shadows appear to them as signs of chaos," De La Vega writes.

'Ultimately, he says it's best to drink from both cups but that the natural inclination in stocks is higher with the occasional fall'.


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