QOTD:  Quote of the Day

This quote is always in the back of my mind, especially when volatility kicks up in an overvalued and what has been a one-way market as the “newbie geniuses” begin to mock investing legends, such as Warren Buffet  as “dinosaurs.”

The newbies are almost always the last to the party and a contrarian signal of a market top.    As we say, “know they marginal buyer.”    The only thing we find interesting for the back book is stocks, with growing and sustainable dividends.

Short term volatility is greatest at turning points and diminishes as a trend becomes established. By the time all the participants have adjusted, the rules of the game will change again. – George Soros