Heady Quotes (2 quotes)
Several very eminent living paleontologists frequently emphasise the abruptness of some of the major changes that have occurred, and seek for an external cause. This is a heady wine and has intoxicated palaeontologists since the days when they could blame it all on Noah's flood. In fact, books are still being published by the lunatic fringe with the same explanation. In case this book should be read by some fundamentalist searching for straws to prop up his prejudices, let me state categorically that all my experience (such as it is) has led me to an unqualified acceptance of evolution by natural selection as a sufficient explanation for what I have seen in the fossil record
The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities—that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future—will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, 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.