“After my second book, Crisis Investing, came out in 1979, I started publishing a newsletter. I used the Chinese symbol for crisis as the logo. It is actually a combination of two symbols: the symbol for danger and the symbol for opportunity. The danger is what everybody sees; the opportunity is never quite so obvious as the danger, but it’s always there. Speculating in crisis markets is the ultimate way to be a contrarian, which means buying when nobody else wants to buy. It is true, as a general rule, that you want to ‘make the trend your friend.’ But there always comes an inflection point when trends change because a market becomes either greatly overvalued or greatly undervalued.”
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