Basically every time there is bad news and a decline in any major stock I see a rush of people on Lemmy (to be fair, everywhere) proclaiming how, um, actually whatever just went bad is good and looks a lot better if (add tortured logic here).
There is an element of “the market does well as long as everything thinks it does well”, and a lot of people working hard to keep that self fulfilling prophecy rolling.
Like any pyramid scheme it’s all fun and games until you run out of idiots at the bottom of the pyramid.
There’s a famous anecdote from the 20s that some rich guy, Joseph Kennedy Sr or something, selling all his stocks after his shoe shine boy asks him about the stock market. Basically he realized that if shoe shine boys are investing, the stock market is running out of idiots and it’s time to get out.
Basically every time there is bad news and a decline in any major stock I see a rush of people on Lemmy (to be fair, everywhere) proclaiming how, um, actually whatever just went bad is good and looks a lot better if (add tortured logic here).
There is an element of “the market does well as long as everything thinks it does well”, and a lot of people working hard to keep that self fulfilling prophecy rolling.
Like any pyramid scheme it’s all fun and games until you run out of idiots at the bottom of the pyramid.
There’s a famous anecdote from the 20s that some rich guy, Joseph Kennedy Sr or something, selling all his stocks after his shoe shine boy asks him about the stock market. Basically he realized that if shoe shine boys are investing, the stock market is running out of idiots and it’s time to get out.