Assets become overpriced because of investor behavior that overrates their merit and carries them aloft. This process shouldn't be expected to come to a halt when the price has risen to the “right” level or when you've sold it because you feel it's priced too high. Usually, the freight train rumbles on quite a bit further, and price judgments are much more likely to look wrong at first than right. Although understandable, this can be very hard to live with. Howard Marks

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Added on: September 30, 2014

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