Oil will continue higher and we will see $200 by this time next year. People don't have to buy that $1.2 mil home in San Francisco, AMZN at $400/shr, tulips at $900 bushel etc.. but they DO have to buy oil at WHATEVER THE COST. Inelastic demand
No, demand is not inelastic. You have not yet had sufficient experience of the real world around you to know any different. However I might still agree that oil demand appears to be not very elastic so far, certainly at this stage. But three factors are at work. The high price of petrol (gas at the pump) is deterring demand. Alternatives to oil as a fuel or as a propulsion power are pushing forwards. More production of crude is being encouraged where the extraction cost is higher than elsewhere (ie oil from tar or oil sands).
Anyone who is hoping and wishing and thinking about $200 oil should know that the economy will be in a deep, deep, deep recession by the time $200 oil gets here, unemployment rates will probably be nearing double digits and GDP will be NEGATIVE, if you think the economy is bad now, wait and see what $200+ oil does.
But you don't get it. He LOST money to a "bubble". He didn't lose it due to his lack of trading skills, or money management skills. In his mind, he has rationalized that this is acceptable, because you just never know about BUBBLES!!! Same thing with all of his "conspiracy" theories. He didn't LOSE any money because of his trading skills ( or lack thereof ). He lost money because the FED has manipulated EVERYTHING!!! Losing money in that way is "ok" in his book.