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Violent crashes followed by equally violent rip-your-face-off rallies as we experienced in August are not signs of a healthy, stable stock market.

Among the big winners of the Everything Bubble is–yes, I know you’re shocked–Wall Street.

The ‘novel, apocalyptic situation which has now arisen’ goes largely unrecognized.

When everyone finally leaves the La-La-Land casino and abandons the fairy tale, household wealth held in stocks is a fraction of what it was in the heady days of hot hands rotating into the next hot sector.

Rather than glory in success, we are better served by being extremely wary of success.