HLS wrote: When the vast majority of people are in and giddy and happy about a market, I’m pretty much out.
That line brought back memories! One business school prof wrote some of his own case studies for us. In one, regarding real estate, he relayed his experience with the Texas real estate boom in the late ’80s: “When you hear cowboys saying ‘This here’s the easiest money ah evah made’, it’s time to get out.”
A bear market is not done until all optimism is gone, until everyone swears they will never invest again. It is a long, slow, painful grind.
