The bond market is not a barometer of inflation . . . but rather a barometer of Fed jawboning in action.
Greg A. Smith (Prudential Securities), Smart Money's Quote of the Month (September 1999)The idea that a bell rings to signal when investors should get into or out of the stock market is simply not credible. After nearly fifty years in this business, I do not know of anybody who has done it successfully and consistently. I don't even know anybody who knows anybody who has done it successfully and consistently. Yet market timing appears to be increasingly embraced by mutual fund investors and the professional managers of fund portfolios alike.
John C. Bogle in Common Sense on Mutual Funds
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