The most dangerous thing about a bull market is not how fast prices rise, but making people believe they will keep rising; when emotions run high, everyone thinks they can make a comeback, forgetting that the greatest danger is believing there is no risk. When the bull market arrives and you haven’t made money, by the time you want to jump in, the trend is already starting to retreat. Only in hindsight do you realize—what you lost wasn’t the market, but your obsession and blind faith during the bull run.

The biggest lesson I learned from the last bull market is: when you’re in a bull market, you don’t realize you’re in one.

Protect your principal, and fight again when the market is good; otherwise, in the end, you won’t even have the chips to make a comeback.