But the reason I bother posting about this is the comment that the herd member Joe Fahmy makes:
“As soon as we get out of this correction or pullback or whatever you want to call it I think Tesla is in a similar situation (to Zillow in late March). Great earnings, highly shorted, highly hated, disruptive technology we think Tesla could double in the next 6 to 12 months.”.
The yellow highlight shows how the recent sell off is being summarily dismissed as inconsequential in the big picture by this guy. Of course, thinks he, this is just a minor disturbance in the neverending flow of perpetual Ponzi pump prosperity. He has no idea the the markets have entered a massive bear market that will be far worse than the 2007-2009 crash.
People like this are our friends, dear awakened shorts. They tell us that all is well with our plans. The herd is long and strong in its convictions that trees must grow to reach the sky. And Fahmy? Yahoo finance assumes that he must be a stock genius because during the pump phase of the debt Ponzi he happened to speculate that Zillow would get the pump. Yes, folks, many out there attribute their calls to insight when in fact everything was skyrocketing into the pump. They still believe in the so called fundamentals even though, like dot bomb, you could bet on a stone and the price would go up. It was the rising credit that did it, not company performance. That rising tide of money floated all boats. That rising tide made those "fundamentals" what they were. But the real fundamental is the rise and fall of credit and all those other numbers like P/x will look good in rising credit and they will suck in falling credit. At some point as the tide recedes (probably during wave 3 of 3 down - Prechter's so called moment of recognition), people like Fahmy will begin to realize that they really don't know a damned thing about how markets really work.
I guarantee you that this guy and many like him will be going through the phases of Kubler Ross soon:
- Denial
- Anger
- Bargaining
- Depression
- Acceptance
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