The Kind of Market We're In

I have a hard time reconciling this market and yet I need to remind myself that this is the market we're in. Valuations in the metals space are seemingly outrageous, and yet every time I sell a stock after a 3x, 4x or 5x gain I immediately regret it as the stock moves even higher. Companies with no revenue, in questionable jurisdictions, that are years away from generating first revenue in a volatile commodity cycle are trading at $1 billion or more. Sooner or later you know the music will stop and yet it keeps going. Stupid people can make a lot of money, in fact they make more money because they are too stupid to sell. It is a crazy market--best to keep playing it until the music stops!


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