A while back, a very good friend of mine had an operation on his arm. In the aftermath, the doctors gave him some Vicodin to deal with the pain. When I next saw him, his arm was in a sling. I asked him how he was doing.
He was in a terrific mood. “I’m as high as a kite,” he said and started laughing. I’ve never seen him so happy.
I don’t mean to be Mr. Gloom, but I sometimes wonder if investors are in a similar state of unreality.
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