"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."

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Political parties often take advantage of denial and fear in a moment of change. This is a well understood phenomenon that often leads to scapegoat-ism: blaming outsiders, such as immigrants, or racial and religious minorities. The phenomenon is behind Brexit and the violence in the political cycles in the US and EU.

— Graciela Chichilnisky