🔎Always go back or never look back?

There are only two types of investors. Mr. Market will punish the larger of the two groups.

TLDR Summary

• There are only two types of investors: those who bet on momentum and those who bet on mean reversion. You either believe the current trend will continue forever or you believe it will eventually stop and reverse. You either embrace extrapolation or you distrust it. You either see the world as structural or as cyclical.

• Whether markets extend …