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News Link • Economy - Economics USA

The Truman Show of Bubble Finance, 1987-2014, RIP

•, By David Stockman
 So I was glad to see this illuminating metaphor given some traction last week by Seth Klarman. The latter is proprietor of the $27 billion Baupost Fund and can fairly be described as one of the greatest hedge fund managers ever. He is also so eminently sensible that he recently returned several billions to his investors—owing to a dearth of reasonable investment opportunities.

Seth pulled no punches explaining why he is not drinking the Kool-Aid:

All the Trumans – the economists, fund managers, traders, market pundits –know at some level that the environment in which they operate is not what it seems on the surface…. But the zeitgeist is so damn pleasant, the days so resplendent, the mood so euphoric, the returns so irresistible, that no one wants it to end.

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