Words to Remember
Excitement Is A Dangerous Signal 🧠
“Investing is a popularity contest, and the most dangerous thing is to buy something at the peak of its popularity.”
Why we ran it
The Dow crossed 50,000 and Nvidia added half a trillion dollars in a week, while inflation heated up, yields climbed and some Fed officials put hikes back on the table. Marks's warning was for anyone buying the most popular trade at the moment the bond market started to disagree.
From the May 15, 2026 issue: Inflation’s Warning Lights Are Flashing →