Words to Remember
The Psychology Behind Every Cycle 🧠
“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.”
Why we ran it
The 13F filings showed Berkshire dumping 77% of its Amazon stake while global stocks beat the S&P 500 by the widest margin since 1995. Templeton's four stages were the map for reading where the whales thought the cycle was.
From the February 20, 2026 issue: Whale Watching Season Is Here →