...This chapter is about another vital prerequisite for successful investing: having a sense for where we stand. Market cycles present the investor with a daunting challenge, given that: their ups and downs are inevitable; the investor will profoundly influence their performance as investors...

... extremeness of future events—and the failure to recognize market cycles and manias and move in the opposite direction. pitfalls loss investment risk portfolio psychology investors failure of imagination market cycles An investor needs do very few things right as long as he avoids big mistakes...

...This chapter examines an important requirement for successful investing: having a sense for where the investor stands. Market cycles pose a daunting challenge to investors because their ups and downs are inevitable, they will profoundly influence investor performance, and their extent and timing...

... to avoid, including the so-called “failure of imagination” and the failure to recognize market cycles and manias and move in the opposite direction. Comments and insights from four renowned investors and investment educators are included. pitfalls loss investment psychology failure of imagination...