Words to Remember
Stay Humble When The Market Fights Back 🧠
“Markets can remain irrational longer than you can remain solvent.”
Widely attributed to Keynes, but his biographers find no evidence he said it. The earliest print record is economist A. Gary Shilling in 1986, who probably coined the line.
Why we ran it
SpaceX had fallen more than 50% from its peak before a single locked-up share could be sold, then closed up 6% on the day 912 million of them were freed. Anyone who shorted the lockup expiry learned Keynes's lesson the expensive way.
From the August 7, 2026 issue: SpaceX Comes Back To Earth →