The confidence game!

Investors with no knowledge of (or concern for) profits, dividends, valuation or the conduct of business simply cannot possess the resolve needed to do the right thing at the right time. With every-one around them buying and making money, they  can’t know when a stock is too high and therefore resist joining in. And with a market in free-fall, they  can’t possibly have the confidence needed to hold or buy at severely reduced prices.
“Irrational Exuberance,” May 1, 2000

The confidence game!