The step you hit one step after rock bottom.
I have been accused of writing everything I write in religious and food terms, so let’s start talking about the public markets in addiction terms.
People do not have more than 18-month attention spans; lose money for a while, swear off gambling on the Internet, mining, stocks…and then when they rebound and you are making money, you are going to forget the hard times. The fat years will come and replace the memories of the lean years.
We are due for a recovery and we are seeing changes in the system to bring it about. Rollbacks are replacing cheap financings, companies are getting rational about projects and bankers are talking about what can be financed.
Religion is being found, and it is going to be a long spring, but that first project that flies is going to really fly and when that happens, all boats will lift with it.