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Sean HymanSean Hyman
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Post count: 3267

The way most people are in the market right now. A good reminder from a famous investor:

“Speculative approaches–which pay little or no attention to downside risk–are especially popular in rising markets. In heady times, few are sufficiently disciplined to maintain strict standards of valuation and risk aversion, especially when most of those abandoning such standards are quickly getting rich. After all, it is easy to confuse genius with a bull market.”
Seth Klarman, Preface to 6th edition of Security Analysis, pg xiv