When you're sleep-deprived, you're often the last to know it. People who get six hours of sleep think they're doing just fine, but when you test them, they're performing as badly as people who've been awake for 24 hours straight.
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Mimicking the herd invites regression to the mean. The problem is not just that everyone owns the same securities; it's that everyone has internalized the same reasons for owning them, and will therefore sell at the same time for the same reasons.
Howard Marks — The Most Important Thing
Capitalism is a system for generating testable hypotheses about value. Most hypotheses fail. The error isn't in failing — it's in refusing to run the experiment cheaply enough that failure remains survivable.
Michael Mauboussin — More Than You Know: Finding Financial Wisdom in Unconventional Places
Fear is a natural reaction to moving closer to the truth. If we commit ourselves to staying right where we are, then our experience becomes very vivid. Things become very clear when there is nowhere to escape.
Pema Chödrön