‘Investing, when it looks the easiest, is at its hardest. When just about everyone heavily invested is doing well, it is hard for others to resist jumping in. But a market relentlessly rising in the face of challenging fundamentals – recession in Europe and Japan, slowdown in China, fiscal stalemate and high unemployment in the US – is the riskiest environment of all.’ Seth Klarman.
‘It’s not supposed to be easy. Anyone who finds it easy is stupid.’ Charlie Munger.