The wise rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too. That is how booms and crashes happen. Charles Mackay called it “the madness of crowds”, William Trotter “the herd instinct.
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Looking closely at the road less travelled
25th June 2012
The wise rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too. That is how booms and crashes happen. Charles Mackay called it “the madness of crowds”, William Trotter “the herd instinct.
Jonathan Sacks | The Times
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