Market Bulls More Optimistic Than Ever … Uh-Oh

Nassim Taleb tells a little parable in his excellent book Black Swan. It’s a moral tale about the Thanksgiving turkey. For months leading up to Thanksgiving, it is singled out for good treatment. It is pampered and well-fed by its human caretakers, and it has no reason to think anything foul (pun) is afoot. In fact, the bitter irony is that, as the turkey’s rosy outlook on its prospects grows ever rosier, it is actually getting closer and closer to its inevitable demise. Taleb uses this parable Read more […]