The Last Sucker in Line

We've all heard the old canard about the investor who decided that it was time to sell when he started getting stock tips from his shoeshine boy. Well, in the opinion of Forbes.com, the fact that public pension funds are rushing into the housing market provides a similar dead-canary.

Public pensions are rushing into real estate the way they rushed into tech in the late 1990s. Maybe it's a good time to get out.

Why is it that the people who are most risk averse and have the most to lose have this unfortunate tendency to get in at the top of the market (right before a crash)?
(via Calculated Risk, who has a lot more on this topic.)