“Denial ain’t just a river in Egypt”
There’s an old preacher joke that basically talks about a flood that hits his town and as the water keeps rising, rescuers come by and offer to save him; only to have him tell them each time the good Lord will save him.
After last holding onto the bell tower, he finds himself outside the pearly gates when St. Peters arrives to greet him. The preacher kind of complains that he was disappointed that God didn’t save him – only to hear St. Peter tell him God sent three different rescuers.
A similar case appears in the financial markets. Both investors and the so-called professionals, continue to ignore the many signs of a disaster in the making, and somehow think they shall either escape it or get out in the nick of time.
Well into my fourth decade in and around Wall Street, and having my head handed to me more than once, excuse me for believing it’s not if, but when, being a live chicken versus a dead duck ends up a far better choice than those who are currently doing this (versus listening to the numerous signs of trouble).