23 September 2004 - greed and fear

The stock market can move in only two directions, up and down, and so we ascribe only two emotions to market investors, greed and fear. All the detailed economic analysis, complex social forces, and unique personal motivations mix together in our minds like fingerpaints mixing to the color of mud, which we call greed and fear. Well, it’s for the best; we have to simplify to understand, and we don’t have words for joy or patience.