On the first of each month, I share reflections on the market in our private podcast. This enables me to tie together the various threads of our work and connect the dots between what I observe and hear during my travels and interactions with people. 

While many of you are podcast buffs, some prefer the magic of the written word. This is an edited transcript of the recording, without my typical writing flair. Here goes:   

When I wrote the Bull Trap last week, there were a few sentiment anecdotes that I left out, which I thought I could discuss here. First, Jeff Bezos’s Blue Origin has resumed its space tourism flights after two year break. To understand why it matters, I'd like to read something I wrote in July 2021. The article is titled When Dreams Come True. 

Our work involves the study of dreams, particularly childhood fantasies of space travel. What starts to happen when dreams come true? 

“To enter the cosmos, to engage, single-handed, in an unprecedented duel with nature—could one dream of anything more?” Russian cosmonaut Yuri Gagarin spoke these words as he journeyed into outer space on April 12, 1961. He was the first person to complete an orbit of earth. The entire flight took 108 minutes.

Stocks soared in the run-up to the historic mission. The S&P 500 peaked by the end of that same year, about 5 percent higher, then plunged 30 percent in 1962. Bull bashes come to an end when the dream is priced in. What to do when there’s nothing left to be done? Sell.

Falling behind in the space race, President Kennedy stood before Congress on May 25, 1961, and proposed that America “should commit itself to landing a man on the moon and returning him safely to earth” before the decade is out. 

The Apollo 11 crew members were announced to the public on January 9, 1969. “No dream is too high,” said astronaut Buzz Aldrin. But the stock market was too high, tumbling more than 30 percent over the next eighteen months.  

In early 2000, with the Nasdaq defying gravity, American businessman Dennis Tito planned a space trip. He shelled out $