[Slava]

Originally Posted by Enoch Root

So many of the people I knew that got out during the 08 crash never got back in until 2011 or 2012. I knew a couple guys that still weren't back in in 2018.

This sounds silly in hindsight, but at the time, it is not so easy and not so clear. If you were out in 2009, while the market was rallying, virtually everything you read was saying that it was a false rally and that things were still very bleak, with lots more pain coming.

But it kept going up.

So now it's 2010 and the market has rallied more than 20 or 30% and you feel like you've missed it and you need to wait for a pullback.

But a pullback never comes, and now it's 2011. Now you feel kind of stupid, and you really want a correction to save your pride. Plus, everything you read still says that there are still huge problems, quantitative easing is going to destroy everything, and the market has gone too far, too fast.

I saw so many people live exactly this.

And the most frustrating this is that it is basically the same, every single time. The same messages. The same advice. And the same mistakes. Humans are over-confident, and simply don't want to hear that they're not wired properly to be good investors.

And you know that the pundits and people in the media are the same. I saw this again in 2020 where a fairly prominent person said that the S&P500 would go back to 1450. Well...it never did and even with the tough year thus far it's at 3800-3900. Maybe the guy jumped back in and revised his forecast at some point, but that's pretty hard on the ego.