The Desperate Optimism of the Invested

"The availability of apparently free money flowing for years on end distorts the judgement of, not to mention the motive for accurate appraisals by, even highly experienced professionals, a phenomenon we call The Desperate Optimism of the Invested. It is as likely to infect the professional holder of any non-diversified, un-hedged or ineffectively hedged long position in any asset in a sustained bubble market."