Wednesday, February 13, 2013

Never confuse a bull market with brains...

Never confuse a bull market with brains. Just because someone does well in a bull market does not mean they will do well over the long term.

Over a decade or two, investing success is far from guaranteed.

Bear markets punish the unwary; strategies that worked well during one bull market become the reason for failure the next; the speculative star of one bull market becomes the pariah the next.

Few recognize the change; even fewer adapt.

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