revelation or this contrarian idea and you see something in that moment that you hadn't seen before and that no one else is seeing and it's a really great opportunity and you have to move on it? I mean, I wouldn't accuse myself of having many epiphanies. I try to be rather level in my views toward the markets. And then as the market changes, as the price of an asset changes relative to the asset's fundamentals, if the price rises relative to the fundamentals, I should gradually like it less until eventually if the price gets high enough relative to the fundamentals, I should absolutely dislike it. But that's a process of gradual accretion and not epiphany. The only time I think things change radically is when the world changes radically. September 14th of 08, most things were pretty much okay, people thought. September 15th, Lehman Brothers declared bankruptcy and everybody thought that the financial world was going to end. So when the world changes radically, it makes sense that your (17/32)
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