There is a popular joke about the bond markets:
“What is the difference between bonds and bond traders? Well, bonds have maturity”
Look at the history of financial markets and you will realise that at the root of most of the crises, leverage was involved. People borrowed too much and invested the proceeds in a risky investment that did not appear to be too risky then. Risk was not absent, it was just not visible for various reasons. One of the most significant reasons behind this invisibility of risk had nothing to do with the risk, it had everything to do with the eyes of the person involved – the sight was clouded by greed.
#RidingTheRollercoaster – 212