When bulls chase their tails

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[kumicit]

There are many other positive-feedback processes. Take share buy-backs, for instance. Companies used their cash (or borrowed money) to reduce their share capital. Markets might have treated this as evidence of a lack of imagination, or a paucity of profitable projects. Instead, they saw it as eviden

[yuiami]

Bear or bull market has its own momentum. It has a positive feedback loop. Thus a bull/bear market may last longer than people believe.