Extreme Money

Larry is reading Extreme Money, by Satyjit Das. Although it’s dense, it has some great quotes, that he occasionally reads to me. In this one, Warren Buffet foresaw the end of the financial bubble, before the most recent market crash:

“Nothing sedates rationality like large doses of effortless money … normally sensible people drift into behavior akin to that of Cinderella at the ball. … they… hate to miss a single minute of what is one helluva party … the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.”

This image seems to me exceptionally poetic for a finance guy from Omaha, or for anyone, for that matter.