…at particular times a great many stupid people have a great deal of stupid money.
Walter Bagehot has come up with some wonderful lines in his day. That line, in particular, perfectly describes a recurring theme in financial history.
Bagehot wrote that line in 1856 about an event that happened in 1720 — The South Sea Bubble. He was describing human nature’s role in turning smart money into stupid money during manias and panics: Continue Reading…