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— Robert Hunter"At the top of the cycle you write policies for everybody, no matter how bad, and at the bottom you cancel everybody, no matter how good. It's a manic-depressive cycle."
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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.
— Michael Steinhardt
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Household hollowness comes around in irregular cycles, like meteor showers. But the true sign of a bad patch is that it never feels temporary or fixable. It has a shudder of the inevitable to it. The thought crosses your mind that when love goes it goes all at once, and forever.
— Marni Jackson
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