In the middle of a mania, it is human emotion that dominates men's minds. Rationality is replaced by the mood of the crowd. Nobody likes to talk about their mistakes, especially when it appears that everyone is getting rich. Greed is good. It is no wonder that the stories at the 19th hole are filled with investment success.
Nobody gathers a crowd to talk about a stock that has lost money.
Hedge fund losses, Russian debt default, derivative bombshells and IPO implosions are never discussed. To do so would be politically incorrect. All one hears about are IPOs that double and quadruple out of the starting blocks. So, the next time you're playing golf and the conversation turns to investments, just remember that your friends are mortals. Let them tell their stories and enjoy their success.