There are no emotional buffers in a startup, which means that you and everyone around you constantly has to react to good news and bad news.

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Most fearful of all are the fixed-income markets, which have started to react positively to good news, and negatively to bad news (the opposite of their usual behaviour), perhaps because good news reduces the chance of more Fed cuts.

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In particular, markets often react disproportionately to news, especially bad news.

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There is some evidence that share prices undershoot fair value in the short term (as investors are slow to react to individual pieces of good or bad news) but over-react in the medium term (extrapolating present trends, like Buzz Lightyear, to infinity and beyond).

ECONOMIST: Buttonwood