There’s an old, battle-tested saying on Wall Street that never seems to go out of style: “Bulls make money, bears make money, and pigs go to slaughter.”

Bulls, Bears, and Blind Hype

When a market goes parabolic—whether it’s a high-profile corporate IPO or a commodity frenzy—greed takes over, risk management goes out the window, and a lot of folks forget that gravity always wins in the end.

We’ve seen this script play out twice in spectacular fashion recently, and it serves as a stark warning to anyone who confuses blind hype with actual investing.

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