Sunday 18 October 2015

Quote for the day

“Everyone knows that if you reach into a bag containing both black and white balls and pull out ten white ones in a row, the probability has increased that the next one will be black. But in the investment world, events like that serve to convince people that there are only white balls - favorable outcomes - in the bag. That's part of the illogical, emotional thinking that makes for bull markets and bubbles.” - Howard Marks