Thread by @cburniske

We're in a bullish flywheel.

Bullish news leads to more bullishness, which leads to the release of more bullish news ♾

I'm continually shocked at how driven by *hope* and *fear* all markets are. At their core, humans are so... human.

Capitalism's creation of capital is inherently speculative, try as we may to obfuscate the speculation beneath formality and formulas.

All assets are priced based on future expectations, and those expectations are heavily influenced by hope & fear.

When bullishness goes into excess, fear seeps into the market, the setup for eventual excess in bearishness.

But for now, HOPE is the market's favorite DRUG.