You can see that all the time in securities markets - completely ridiculous valuations and then bagholding all the way to the bottom. It's human nature. It's like people would rather be right than make money.

Also, I have no idea why people think this is new. If this is the age of dishonesty - when exactly was the age of honesty? I prefer Soros' approach of accepting human fallibility as an important part of the world, a part that's not going away just because I think it's "ugly".