I think it’s a well worn phenomenon. In bull markets, most throw commonsense out the window and buy with their ears pinned back, sensing things will just keep going up.
In bear markets, we hibernate. We think things will just go lower, irrespective of the fundamental value.
Very few master the art of selling when values are over-blown, and buying when everyone is running for the hills.
I certainly have not mastered that art, but it is very difficult, in any event, to exit illiquid stocks, if you have a large position.
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