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But we saved everything 🙂.
Meb Faber highlights a quote from Edwin Lefevre on investment behavior. The message suggests that margin traders, speculators, and gamblers typically lose money not when they sell, but at the moment of purchase.
Faber has previously pointed out that overemphasizing current market conditions can lead to mispricing by investors, referencing comments from Bill Miller in a recent article. He has also discussed the long history of debate surrounding interest rates, drawing on remarks by Sir Josiah Child in a separate post.