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"Actually, so far as the masses are concerned, many people claim that the various technical indicators are measures of the emotion of the masses in the market, and that you can make money by playing those emotions. I think that there is some truth in that."

There is some truth in that. After being invested in the market for the past 30 years, I've come to the realization that I've morphed into a contrarian investor. You'd think that "buy low...sell high" is a laughably easy enough concept to grasp but, in fact, a great many "investors" consistently continue to do the exact opposite. People point to charts of a stock that has risen rapidly and proclaim "What a great chart!" Frankly, the time to buy has long passed. The best investing advice I ever heard was to buy during bear markets and sell during bull markets. Funny how difficult that becomes when the talking heads (a.k.a. "experts") offer counsel to do the exact opposite.

Investing requires intestinal fortitude to buy when everyone is telling you to sell. Thirty years of experience...and I'm STILL learning.
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