Jan 2017
…important stock market lows occur coincident with lots of pessimism—and as much as this may seem to make intellectual sense in good times like the present—when the next bear market comes, some investors will slip into what we call “emotional overdrive.” At that point, all of one’s earlier intellectual understanding of markets and investing gets flattened by a runaway freight train of emotions. Successful investing comes not so much from raw intelligence as from a calm, long-term perspective. If you can’t maintain a proper perspective, you might as well put your money in a bank savings account that’s currently yielding less than 1% annually. You’ll do better than chronically selling low (and later buying high).