“Unless you can watch your stock holdings decline by 50% without becoming panic-stricken, you should not be in the stock market.” Warren Buffett
The United States invariably does the right thing, after having exhausted every other alternative. Winston Churchill
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When there is a stock market boom, and everyone is scrambling for common stocks, take all your common stocks and sell them,” he elucidated. “Take the proceeds and buy conservative bonds. No doubt the stocks you sold will go higher. Pay no attention to this–just wait for the depression which will come sooner or later.” When this depression–or panic–becomes a national catastrophe, sell out the bonds (perhaps at a loss) and buy back the stocks. No doubt the stocks will go still lower. Again pay no attention. Wait for the next boom. Continue to repeat this operation as long as you live, and you’ll have the pleasure of dying rich.” Fred Schwed, Where Are the Customers’ Yachts?