BUBBLES

Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception.

I learned from my mistake in 1999 that even when you know something is irrational, if the momentum is there, it can keep going long enough to kill you.

The market can stay irrational longer than the client can stay patient.

All bubbles end badly. Every single one without exception.

Bubbles are only identified in retrospect. While you are in one, it looks like growth.