(a) "Skepticism and pessimism aren't synonymous. Skepticism calls for pessimism when everyone is optimistic and optimistic when everyone is pessimistic."

(b) 3 stages of the bull market

• Trees don't grow to the sky
• "What a wise man does in the beginning, the fool does in the end."
• "First the innovator, then the imitator and then the idiot."

(c) "You may never know where you're headed, but you sure should know where you are"

(d) "Don't confuse brains with the bull market"

(e) "Anything important is counter intuitive, anything obvious is wrong."

(f) Three pairings to investing

• Cycle positioning and asset selection
• Skill or Luck
• Aggressive or defense

#Investing