Pruning The Late Bloomers

"Here in 2010, a few late bloomers are making new all-time highs. I never thought the long term inflationary topping process would take this long, but it has. At each of these peaks, investors have focused on one area or another. Every time it’s happened, the area of focus has reversed trend, plummeting in price by 50% or more.  This latest credit reflation is the weakest yet, so it hardly inspires confidence that today’s isolated bull markets will end any differently. Each time a bull market matures, investors are sure it can’t reverse. They said that about technology and internet stocks; they said it about real estate; they said it about oil. Now that a couple of markets are at all-time highs, we hear the same argument about them. This is natural, because investors always want to own markets that are way up. But investors in those previous booms are never going to get back to breakeven. Many of them were ruined."
Robert Prechter, Elliott Wave International

Total Inebriation

"On at least one level, one can blame the economists and efficient market theorists. These academic types are like bartenders who deny the existence of alcoholics. 'Rational economic man' is always and everywhere sober, these pointy-headed idiots say. And thus, if all market participants are sober, public drunkenness cannot exist in the marketplace... and thus all prices put forth by the market are rationally and soberly justified.
This moronic assertion, bolstered by layers of Ivy League credibility, encourages investors to ignore signs of mania (just as the barfly waves off friendly hints that perhaps he should call it a night). As the evening wears on, the drink becomes more and more intoxicating... but no one admits to being tipsy, let alone drunk as a skunk. Total inebriation ensues."
Justice Litle, Editorial Director, Taipan Publishing Group - 12/2/09

Drunk analogies must be getting popular:
http://randomroving.blogspot.com/2009/10/last-call-for-alcohol.html