“Charlie Munger gave me a great quotation on this subject, from Demosthenes: “Nothing is easier than self-deceit. For what each man wishes, that he also believes to be true.” The belief that some fundamental limiter is no longer valid – and thus historic notions of fair value no longer matter – is invariably at the core of every bubble and consequent crash. In fiction, willing suspension of disbelief adds to our enjoyment.”
