Pareto on the Asset Market Cycle

"It is well known at the Stock Exchange the public at large buys only in a rising market and sells in a declining one. The financiers who, because of their greater practice in this business, use their reason to a greater extent, although they too sometimes allow themselves to be swayed by sentiment, do the opposite, and this is the main source of their gains." -- The Rise and Fall of Elites, p. 94

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