Stock-market declines are always obvious in hindsight. When technology stocks reversed course in spring 2000, after years of gains, the New Era was over. Prudent investors exited. Several years later, The Big Short informs us, the smart money understood that the housing market was dangerously overheated. Most shareholders failed to perceive the problem, being caught up in the excitement, but those who viewed the situation dispassionately realized that the game was up…..
Written By: John Rekenthaler