• The first, when a few forward- looking people begin to believe things will get better
• The second, when most investors realize improvement is actually taking place
• The third, when everyone concludes things will get better forever
Why would anyone waste time trying for a better description? This one says it all. It’s essential that we grasp its significance.The market has a mind of its own, and it’s changes in valuation parameters, caused primarily by changes in investor psychology, that account for most short- term changes in security prices. Th is psychology, too, moves like a pendulum.
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