Comment by Pxtl
6 hours ago
That's literally the meaning of the statement "the market can stay irrational longer than you can stay solvent".
Irrational means stupid.
Stupid can win for a very long time, and in the end the "loss" is born mostly by bag-holders.
This isn't about people who just happened to make it big in a market rally, though. You're talking as if I'm speaking about people who just happened to buy some Bitcoin in 2012 rather than leaders of some of the most successful corporations on Earth.
They're not infallible, but modelling them as complete idiots that just happened to get lucky is also... Not really consistent with reality, as far as I can tell. These people might not be good people, but they're good at playing a certain kind of game.