Tuesday, August 23, 2005And the award for most amusing op-ed of the week goes to Chris Harris at the NYT.
It's really something how bubbles work. The first principle of investment is to buy low and sell high. But some market gets hot and everyone loses their sense of reality. They're all buying high and guaranteeing that they will sell low. The greed for the maximum return is a fatal delusion that afflicts many. Asked why he got out of the stock market just before the Great Depression, Joe Kennedy said "Only a fool holds out for top dollar."
Words to live by.