I marvel at those who, when suffering a hangover, try to pinpoint the drink that did it: “Oh, it was the shots at the end...” they cry. Was it? Or was it the eight pints that preceded the shots that did it?
It’s a futile exercise, yet one we often repeat and apply to other scenarios, including market analysis. Was it cheap credit, high labour and land costs, speculation, greed, international money flows...
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