The Market Loves To Destroy Hubris

In their recent episode of the VALUE: After Hours Podcast, Cassel, Taylor, and Carlisle discussed The Market Loves To Destroy Hubris. Here’s an excerpt from the episode:

Ian: I find with investing especially, I think, we talked about before we came on live. I think this industry and finance and FinTwit, especially, people in finance really relish seen others do poorly. The peanut gallery is vicious. I think it makes sense, because our scoreboard is always front and center maybe, if not publicly in our own minds and it’s especially– [crosstalk]

Tobias: And it’s all relative. You can be doing very well. You could be knocking at 15% a year, which makes you a superstar for a long enough period of time. But if the NASDAQ is doing 17%, what’s wrong with you, baby?

Jake: Lately, don’t [crosstalk] lately, too.

Ian: Yeah.

Tobias: There are certain investors who are like, those indexes personified. So, yeah. Sorry, I didn’t mean to cut you off. Keep going.

Ian: No, no, no, it’s fine. I think it’s also proof that the market loves to destroy hubris in all its forms, and people like to follow hubris in a way up, and then they like to sell it on the way down. I know, it’s our human nature to and we’re all doing well we want to be loud about it. When we’re all doing poorly, you want to go into a rock–

Tobias: Hard. Yeah.

Ian: Yeah. And I think history is proven whatever the case may be, it’s better to be quieter rather than louder.

Tobias: You don’t want to call down the thunder? Summon a lightning bolt?

Ian: [laughs]

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