“5. Stocks are most likely to be accepted as prudent at the moment they’re not. For two decades after the Crash, stocks were regarded as gambling by a majority of the population, and this impression wasn’t fully revised until the late 1960s when stocks once again were embraced as investments, but in an overvalued market that made most stocks very risky. Historically, stocks are embraced as investments or dismissed as gambles in routine and circular fashion, and usually at the wrong times.”
http://stocktwits50.com/2013/09/02/20-insights-from-peter-lynch/
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