Blain’s Morning Porridge Oct 15 2025 – Catflap While The Dance Band on the Titanic Plays On

“ Damn the Torpedoes, full steam…. Boom. gurgle gurgle..”

 There is no stopping a market believing what it wants to believe. Tariffs, Trade Wars, Credit Cockroaches, BTC delusions, this market has it all, yet everyone is still dancing. Best thing to do might be to “Catflap” – walking away without saying anything to anyone.

Euphoric markets have a habit of watching all the wrong things. As I’ve written many times, markets are not clever – they demonstrate a remarkable ability to fool themselves and believe multiple improbable and conflicting things all at the same time. Blain’s Market Mantra No 3 states that: “Markets are not clever – they simply reflect the weighted stupidity of participants.”