The real insight is that the S-curve is not just a technology adoption curve — it's also a valuation curve. The multiples that investors are willing to pay expand dramatically as a technology moves from the early adopters to the early majority, and then compress just as dramatically as growth slows and the technology matures.
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The idea that a bell rings to signal when investors should get into or out of the market is simply not credible. After nearly fifty years in this business, I don't know anybody who has done it successfully and consistently. I don't even know anybody who knows anybody who has done it successfully and consistently.
John Bogle — Common Sense on Mutual Funds
The universe is not hostile, nor yet is it friendly. It is simply indifferent.
John Haynes Holmes — A Sensible Man's View of Religion
The greatest obstacle to discovery is not ignorance — it is the illusion of knowledge.
Daniel J. Boorstin — The Discoverers