Just as outright euphoria is often a sign of a market top, fear is for sure a sign of a market bottom. Time and time again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only treasury bills, you can almost close your eys and get long stocks.

The markets are always changing, and the successful trader needs to adapt to these changes.

The balance between confidence and humility is best learned through extensive experience and mistakes.

Just as outright euphoria is often a sign of a market top, fear is for sure a sign of a market bottom. Time and time again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only treasury bills, you can almost close your eys and get long stocks.

If you see a wonderful archaic Greek marble object in a museum, it's not only that it's beautiful, but what comes to your mind is the fact that it's 2,600 or so years old, and it was done by a human being at that time who you have such a limited ability to grasp - and yet you have this enormous ability to grasp.

When your views are truly contrarian, they are inevitably uncomfortable. Courage and the ability to withstand pain are required.

Time and again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only [bonds], you can almost close your eyes and [buy] stocks.