"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.
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