In my opinion, there are two rules that must be respected when it comes to market behavior. The first? The time to worry about volatility isn't when it is underway, but before it actually happens. Risk must always be managed pre, not post. The second? The best time to chase performance is when it doesn't exist. The biggest and strongest returns don't come from the middle of the "trend" which we only see with hindsight, but from the turn which few are willing to position for until well after the fact.
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