20th May 2009
The Great Hargeisa Goat Bubble
“As you can see, we had entered a classic momentum market, where the price of the goat had decoupled from the fundamental value of the goat … However, vast fortunes can still be made in strong momentum markets, regardless of fundamental values, as long as you are not the one left holding the goat when the reversion to fundamental value occurs.
(thanks, gibber)
