@Gharp and@Flambeau
Buffet was not the first one to say this: it is a market truism followed by many traders over many years. When people sh*t themselves, it is usually a good sign that it is time to buy. Smell fear, load up. See too much happiness, sell. Simple as that. A lot of "Buffetisms" are simply repeats from people like R H Thouless and other texts like the Zurich Axioms.
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