WHEN A BUBBLE BURSTS, EVERYONE LOSES

And the 'tourist's plan to prove his pal wrong

I am fortunate to count some wise traders as friends. You know the type; folks who have managed money, and even more importantly - other traders, for decades. They are savvy because they have made (or seen) every mistake in the book.

I remember having a discussion with one of them about my foray into shorting what I believe to be the biggest bubble of my…