As the share market performs an amazing triple-turn high dive, financial advisers are still standing at the top of the tower, screaming "don't panic. This is absurd!" We never hear them yell "don't get excited. This is absurd!" when share prices shoot for the stars. Surely the highs and lows are equally absurd. I cannot quite see why a price-to-earnings ratio of, say, twenty-to-one on a stock is justified as a high, yet a collapse down to thirteen-to-one is absurd. There are lots of arguments supporting high prices, the main one being that a stock is worth as much as people are prepared to pay for it. Fine, but when the price crashes, ditto.