“The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions are already factored into its price and no new buyers are left to emerge.” - Howard Marks, The Most Important Thing
Apparently CM's birthday today. 99? the link has a 100 quotes, many you will be familiar with
https://twitter.com/QCompounding/status/1609550815731097603?t=bU0pP8acw1mCjAxYpg49-Q&s=08
With rates at 1%, to have $100 in ten years’ time you must deposit $91 in a bank account today. With rates at 5%, you need only put away $61. The end of cheap money shortens investors’ horizons, forcing them to prefer immediate profits to those in the distant future. Growth stocks are out. Value is back in vogue.