Russell is on to something. A lot of us made money on the runup, and lost it (or a lot of it) on the downturn. Picking the top is almost impossible, and those who claim to have sold out then are often exaggerating. Identifying the bottom is equally difficult, witness the heated exchanges going on now about today’s market. It is safe to say, however, that the euphoria at the top is hard to fight–it is rare for someone who has just made a huge sum of money to pick up their chips and walk away.
