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.