Op-Ed Article by Warren Buffett that supports my point of view.
One of the phrases that survived the tenure of former Fed Chairman, Alan Greenspan, was his characterization of the stock market bubble of the late 1990s as "irrational exuberance." In two words, he drew a very accurate picture of the mood of "the herd."
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Homilies persist because there's some truth to them. Of course, sometimes they conflict.
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