Most think if the market does fall, it's a buying opportunity. Most investors think that like recessions, bear markets have also been repealed. Perhaps it's because of the excitement of dot com glitz and glamour that bear markets have been all but forgotten. 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.