An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.
It is not enough to understand what we ought to be, unless we know what we are; and we do not understand what we are, unless we know what we ought to be.
Embellishment is an irresistible and consuming impulse, going back to the beginnings of human history. ... Probably the strongest motivating force is the simplest: the inability of almost everyone to ever leave well enough alone.