Buffett's senior apprenticeThe most terrifying aspect of market consensus bullishness is collective selective blindness.
Everyone is standing on the rooftop, each harboring the hope that they won't be the first to jump, that they can get out early.
But the brutal truth of the capital market is:
When high-priced positions are crowded and everyone wants to sell first, there aren't enough outside buyers to take everyone's positions simultaneously. Once a small batch of funds flees regardless of cost, a stampede occurs automatically in a chain reaction. An orderly retreat does not exist.
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