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Think of investing in any asset class like attending a great party:
• Arrive early, when the place is still quiet, the music is just starting, and hardly anyone is talking about it or showing up. That’s when you enter — when no one is excited, discussions are rare, sentiment is low or ignored, and valuations are attractive because the crowd hasn’t piled in yet. You get to enjoy the best part of the party (strong returns) with plenty of room to move.
• Dance and have fun through the good times as the energy builds.
• But leave before the end, right when the crowd hits its absolute peak — the dance floor is packed, everyone’s hyped, shouting over the music, and the vibe feels electric (often when “everyone” is talking about it, prices are sky-high, and euphoria reigns). That’s the moment to exit, because once the party starts winding down (or crashes), the hangover hits hardest for those who stay too long.
In short:
Get in when no one is talking about it.
Get out when everyone is obsessed with it.
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