The Day after Financing, page-9

Definitely a good point about "classically conditioned". But we are insane if we do the same thing over and over again, expecting a different result (i.e. assuming "the next announcement" is the one that sparks an overnight re-rate). I like John Maynard Keynes here: "When the facts change, I change my mind. What do you do sir?" (or alleged to be him). I am also a big believer that the market can stay irrational much longer than you can remain solvent. Hence my caution/pessimism, which harks back to something I used to say a lot more. I'm an investor, not a trader. Long term, I'm extremely confident in my judgement. Short term, not so much.