Mark Twain once said, “A cat who sits on a hot stove will never sit on a hot stove again. But, he won’t sit on a cold stove, either.” Surely, that applies to investors who have gone through a severe bear market, like 1973-74 or 2008.
Source: The Leuthold Group
Without an investment process that systematically allocates to where the action is, investors may be psychologically incapable of making much money for years to come.
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