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The Parable Of Vonage & Iris

Once upon a time in a quaint town called Vonage & Iris, a man appeared who announced to the villagers that he would buy monkeys for $10. The villagers seeing that there were many monkeys went out in the forest and started catching them. The man bought thousands at $10 and as supply started to diminish, the man said that now he would buy the bloody monkeys at $20. This renewed the efforts of the villagers and they started catching monkeys again. Soon the supply diminished even further and people started going back to their farms. The offer rate was increased to $25 and the supply of monkeys became so tight that it was considered lucky to even see a monkey let alone catch it. The man now announced that he would buy monkeys at $50!

However, since he had to go to the city on some business matters, his assistant would now buy on behalf of the man. In the absence of the man, the assistant told the villagers: "Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when the man comes back, you can sell it to him for $50." The villagers coughed up with all their savings to buy the monkeys. Then they never saw the man nor his assistant, only monkeys everywhere ...

Comments

market_observer said…
Greed and fear. So human. That is why we will always have boom and bust cycle. I'm still reminded of Aokam and Repco. And now its Fountain View and then Iris. Hope springs eternal. And for those who don't learn from the past, will repeat it!

We might be seeing a turning point here. Hopefully, Berny will signal that rates have peaked soon, and hope that the US and China juggernauts won't slow don't too much.

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