Thread by @DougKass

@realmoney

On a subjective basis, the level of speculative activity in the markets continues to boil and so does the hubris.

The individual stocks/vehicles change in every cycle - and so do the players. Gerry Tsai (Manhattan Funds), Tom Marsico (Janus Funds), Kevin Landis

(First Hand Funds) and three Freds (Mates, Carr and Alger) have all been replaced by Ark Invest's (ARKK) Cathie Wood, and her investments in disruptive technology, in the current speculative investing cycle.

Speculation is a condition that rears its head in every single Bull

Market I have seen since I started to invest when I was 15 years old.

Speculation dilates eyes so wide that risk is forgotten and pushed to the side by newly minted geniuses who, after losing most of their money, ultimately swear off stocks when the ship of fools leaves the

port.

The tide of speculation has shifted recently, with some SPACs, EVs and others (e.g., (AMC) , (GME) , (CCIV) ) left to the side and abandoned, after large share price losses, while other gewgaws (like Rocket Companies (RKT) ) move to the forefront.

Finally, as the

speculative phase advances, criticism of tried and true investment strategies is turned up and the old fashioned practitioners of security analysis - who worship at the altar of "margin of safety" (e.g., Berkshire Hathaway's (BRK.A) (BRK.B) Warren Buffettt) - are roundly attacked

and new paradigms of speculation and investing are offered up, rather, as a recipe for trading success.

These views are too often accommodated and encouraged by a mindless, feckless and irresponsible financial media who parades "talking heads" and the David Portnoys (with

little bonafide analytical backgrounds) to tout Rocket and other overpriced shiny objects based on little research or understanding of the companies. And, in recent weeks, based almost solely on an elevated level of short interest. (This, too, is not new - as few are old enough

to remember Ray Dirks' Short Busters Club!)

Lost, at this stage of the cycle, is a skeptical, inquisitional and questioning financial media - who too often drops its objectivity like a boxer who drops his hands of defense after being pummeled for eight rounds. Instead, the

media too often cozies up to managements they know, with too few queries about ridiculous +70% daily price romps. In the last 24 hours I have observed that with Rocket Companies. Memo to Fin TV: Just because you have a fine relationship with a company's management doesn't mean

you should lose your journalistic integrity and responsibility to ask hard questions about the relationship of this outsized and ridiculous daily share price moves relative to the company's fundamentals.

History shows that there is often an inverse relationship between how

confident talking heads sound and how clueless they are. Not only are we witnessing A Bull Market In Complacency and "First Level Thinking", we are also witnessing A Bull Market In Hubris - it's a cyclical phenomenon in a maturing Bull Market that has grown grossly speculative

in which fear and doubt has left the building.

In the fullness of time this too shall all pass - and perhaps sooner than many expect.

And, in the fullness of time, Warren Buffett's $91.8 billion net worth will continue to grow and he will still (hopefully) be issuing his

wise Annual Letters to Berkshire Hathaway shareholders as he conducts informative and investing value added Annual Meetings ever year in Omaha at The Woodstock For Capitalists. Some of today's best traders will prosper and hold onto their gains, and I respect that ability and

discipline. But, gone will be most of the gambling traders who traded, but held too long, the "rat poison squared" and turds du jour that are likely destined for the ash heap of investment history who will have returned to their mommy's basement never to trade the shiny objects

again. @jimcramer @tomkeene @SquawkCNBC @cnbcfastmoney @riskreversal @convertbond @LanceRoberts @andrewrsorkin @carlquintanilla @threadreaderapp unroll