diff --git a/hledger-lib/Hledger/Data/Valuation.hs b/hledger-lib/Hledger/Data/Valuation.hs
index b52502498..6016add54 100644
--- a/hledger-lib/Hledger/Data/Valuation.hs
+++ b/hledger-lib/Hledger/Data/Valuation.hs
@@ -364,6 +364,12 @@ pricesShortestPath start end edges =
       case concatMap extend paths of
         [] -> Nothing 
         _ | pathlength > maxpathlength -> 
+          -- XXX This is unusual:
+          -- 1. A warning, not an error, which we usually avoid
+          -- 2. Not a debug message (when triggered, we always print it)
+          -- 3. Printed either to stdout or (eg in hledger-ui) to the debug log file.
+          -- This is the only place we use traceOrLog like this.
+          -- Also before 1.32.2, traceOrLog was doing the opposite of what it should [#2134].
           traceOrLog ("gave up searching for a price chain at length "++show maxpathlength++", please report a bug")
           Nothing
           where 
diff --git a/hledger-lib/Hledger/Utils/Debug.hs b/hledger-lib/Hledger/Utils/Debug.hs
index ad5b1f524..44fe545a3 100644
--- a/hledger-lib/Hledger/Utils/Debug.hs
+++ b/hledger-lib/Hledger/Utils/Debug.hs
@@ -332,7 +332,7 @@ ptraceLogAtIO level label a =
 -- | Trace or log a string depending on shouldLog,
 -- before returning the second argument.
 traceOrLog :: String -> a -> a
-traceOrLog = if shouldLog then trace else traceLog
+traceOrLog = if shouldLog then traceLog else trace
 
 -- | Trace or log a string depending on shouldLog,
 -- when global debug level is at or above the specified level,