"[You] have to go against mass opinion and buy toward the end of the exaggeration phase of the bear market and at the beginning of the adaptation phase of the bull market. [You] should then follow mass opinion and hold [your] securities through most of the bull market. Toward the end of its exaggeration phase [you] should again go against mass opinion and sell. Thus it is as wrong always to oppose the prevailing tendency as it is always to follow it. In a nutshell, the. right rule is: first against the tendency, then with it, and finally against it."
- L. Albert Hahn
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