"What's odd to me is that people elbow each other out of the way to crowd into a sector when the sector is expensive and frothy, and they leave in disgust when the sector evidences some value.
If you and I were walking one of the great shopping districts of the world... and on the left-hand side of the street there was a row of signs that said, "50% off," "70% off," "All goods marked down," "We got a business sale/moving away sale," and on the right-hand side of the street, there were little, discreet signs that said, "All goods marked up," "No discounts," "No sales," "No value to customers," of course we'd want to be walking the left side of the street.
Well, the left side of the street is what a bear market is. It's a bunch of goods on sale. And the idea that people avoid those sales and only pay attention to the market when goods are fully priced, is, I guess, one of the things that's caused me to be a success. Other people abdicate any chance they have to get ahead in this market. While I feel sorry for them, I'm delighted on my own behalf."
If those aren't words of wisdom to hold on to, I'm not sure what would be.