Time to Study Cycle Turning Points

Who said: “Investment results largely depend on how one behaves near the top and near the bottom” [of the market cycle]? The answer is Keynes, whose remark is quoted in a collection of some of his most famous comments about investment in the latest issue of the Journal of Portfolio Management. In my experience, that statement is broadly true, as indeed anyone who cares to think through the implications and study the evidence has to concede.