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• Big gains in the most heavily shorted stocks like Game Stop.
• Robinhood traders buying Game Stop think they’re smarter than the hedge funds shorting it.
• Markets can stay irrational longer than you can stay solvent.
• In the short-run, stocks are a voting machine.
• In the long-run, stocks are a weighing machine.
• Price is what you pay.
• Value is what you get.
• When it comes to bubbles, the markets first bankrupt everyone who bet against them and then bankrupts everyone who bet on them.
• Premium for Grayscale Bitcoin Trust is collapsing along with the demand.
• If you’re at the poker table and you don’t know who the patsy is, it’s you.