not much time today, so just a short note

In down markets, valuation is king and concept goes out the window. The major focus of the market is on avoiding future losses rather than make future gains.

In up markets, it’s the opposite. Valuation takes a back seat and the driving force is the concept or story behind a stock.

People who go all in on either extreme have a few moments in the sun but find it tough going when the mood of the market changes. Professional investors who elect to specialize so narrowly have to sell themselves to clients as, in a sense, an insurance policy. Clients may end up with one of each persuasion.