• not buying,
• not buying enough,
• not making one more bid in an auction,
• holding too much cash,
• not using enough leverage, or
• not taking enough risk.
• buying too much,
• buying too aggressively,
• making one bid too many,
• using too much leverage, and
• taking too much risk in the pursuit of superior returns.
When investor psychology is at equilibrium and fear and greed are balanced, asset prices are likely to be fair relative to value.
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