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Historically, there has been a bull market in commodities every 20 or 30 years.
I caught hold of the great bull market in soybeans in 1977. I had no idea what I was doing, incidentally.
I can find only one bull market, in 1935, that didn't have some material indigestion within its first 12 months.
Markets may in the short-term correct. But in a bull market the correction is always sharp, swift and short-lived.
A crash really occurs when you suddenly have a violent downturn in the market that then heralds a long bull market.
I think we're in the beginning of a bull market. When a bull market begins, nine months later the economy turns around.
Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes.
I think when markets go up and there is no manipulation in markets and people question the market going up and it keeps going up, that is a true bull market.
As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.
As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin.
There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market.
The typical conditions for the birth of a bull market are here: you have a changed country, you have a deep fall in growth and everybody is perplexed by the rise of stocks.
One of the frustrating things for people who miss the first rally in a bull market is that they wait for the big correction, and it never comes. The market just keeps climbing and climbing.
The upward move at the beginning of a bull market is almost always huge compared with the vacillations late in the bear market. If you try to pick a bottom, you will miss a good part of the action.
Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.
The bull market, rising prices, earning lots of money, make it seem as if the good days will never end. When prices are falling and there is a recession, that also feels as though it will last for ever. Politics is the same. People simply can't imagine changing circumstances.
As a bull market turns into a bear market, the new pros turn into optimists, hoping and praying the bear market will become a bull and save them. But as the market remains bearish, the optimists become pessimists, quit the profession, and return to their day jobs. This is when the real professional investors re-enter the market.