There is this market maxim that says the market can remain overvalued for longer than I can stay solvent, said the short seller.
Who is to blame for this so called overvaluation?
Just about everybody as far as I am concerned.
We blame the excess margin buying.
We blame the lack of research.
We blame the beginners who blindly buy without accounting for a possible correction.
We blame the Fed.
We blame the Congress.
What must be understood is every participant, no matter how seemingly insignificant, in aggregate, causes prices to rise.