Crowded Trade Exit

Crowded Trade Exit

Dear fellow investors,

The recent action in the stock market seems to be governed by crowd psychology and reminds us of a theory we created in college called the “coat theory.” Back in the 1970s, the fraternities and sororities at my alma mater hosted several mixers so the students could get to know each other better. The ladies hung their coats on a large coat rack just inside the door to our fraternity house. We sang and shared our dessert with our sorority guests.

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