Christopher Davis Time Quotations
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Bought Quotes
I think there will certainly be some concern about earnings, but there are also parts of the market that will probably be grossly overvalued. I may not be an expert in all of them, but I do know that the earnings that would be produced by the businesses over their lifetime could never justify their market capitalizations; people bought them because they thought they have to go up, so in that sense, they're thinking about psychology rather than economics.
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Conviction Quotes
This is going to be a time that tests people's conviction, and people have thought often of how much money they can make and not enough about the question: How much can you lose? I'm reminded of a great quote by Warren Buffett when he said: 'It's only when the tide goes out that you see who is swimming without a bathing suit,'