Investing in Speculative Assets Is Not a Tax on Stubbornity

I think there's a conservative bias that To some of these old things where the wisdom is baked into them Right Something that's very interesting to me in this aspect is kind of like financial regulation, right and It's kind of strange because financial regulation is sort of on one hand it's based on very kind of explicit Rational system. The players in the game are all you know very much very much human and you can say maybe they're a bit less prone to biases the more experienced they have or the more kind of institutional The investors are. But at the end there's still a big influence of this kind of market psychology and what happens with I Mean just looking at the cycle over and over again