Caution: Various Lanes Closed Ahead

“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.”

Sir John Templeton, 1994

I moved from Colorado to Texas quite a few years ago. To the best of my recollection, highway work was clearly marked on Colorado highways as “two left lanes closed” or “right lane closed” or even “middle lanes closed ahead.” It allowed drivers the time to move into position as traffic lanes merged, allowing for a more even flow of traffic during the work hour. When I first moved to Texas, I remember traveling the highways for the first time, unfamiliar with my surroundings and coming upon highway signs that indicated “various lanes closed ahead.” I remember thinking, “What does that mean? First the left will be closed, then the right, then the middle lane? What lane should I get in? Was someone playing a joke?”

In the volatile markets we are currently facing, this got me thinking about what the signs are up ahead for investing.

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— Guru Focus

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