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Quotes of the Week

July 13, 1998

This is a market with no margin of safety. Murphy's law is running in reverse in the '90s. If it can go right, it is.
     James Gipson in "Scenes from Morningstar week" in InvestmentNews (7/6/98)

If you read or hear about some investment idea or significant event more than once in the media, it won't work. By the time several commentators have thought and written about it, even new news is too old.
     Kenneth Fisher in "News you can't use" from Forbes (7/6/98)

Returns that are extremely high or low should be treated as deviations from long-term norms. The long term return of the market might be viewed like the average height of men. Just as it is unlikely that abnormally tall men will beget even taller men, it is unlikely that abnormally high returns will follow already high returns. In both cases, the principle of regression to the mean will most probably apply, and the next series of returns will be less extreme.
     David Dreman in Contrarian Investment Strategies

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