David Casas’s Reviews > The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness > Status Update

Chapter 16 is great to re-read. He argues that financial bubbles don’t occur because long-term asset holders are buying at such a high valuation; he says that it’s because different people have different time horizons, so it makes sense for a short-term investor to buy at a high price if they know it’ll be higher at the end of the day. Home flippers and day-traders play on the same field as long term investors