The bears are always too early and the bulls, who have been conditioned to buy every dip, stay too long at the party.
“From 1995 to 2000, I watched some of the shrewdest managers get annihilated shorting the dot-com bubble,” he said.
“By the end, they all went out of business. I then watched the next five years destroy all the long managers who had ridden the euphoria to the upside, until most of the aggressive ones were also sent packing.”
Kevin Muir Bloomberg 7 december 2021