“When the cover of a major financial magazine features a cartoon of a bull leaping through the air on a pogo stick, it’s probably about time to cash in the chips.”
John Hussman of Hussman Funds in his April letter.
Amsterdam, March 1637 (Ruyters): The
latest Dutch tulip harvest is in, and experts confidently predict another
bumper year for tulip growers and tulip investors alike. Billionaire hedge
farmer Jon Paulsen is rumoured to have added hyacinths to his multi-strategy
offering and has just launched a fund denominated in daffodils. Tulip stocks
climbed by a few millimetres, as they are prone to every day if they grow at
their normal organic rate; Couleren
bulbs rallied another 2 guilders in heavy Antwerp trading; Rosen and Violetten bulbs
ended the trading session more or less unchanged, albeit a bit squashed, and at
record highs. The market has been further buoyed in recent weeks by a tide of
manure issued by the leading tulip advocate Pol Kruygman from his op-ed column
in the New Amsterdam Times, ‘Witterings of a Tulip Fanatic’. Kruygman promised
to keep the manure coming, whether anybody wanted it or not.
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