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It's not really a rule--it's more like a trend.
--
Usenet article <199710221721.KAA24321@wall.org> (1997)

 

Larry Wall

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The prevailing wisdom is that markets are always right. I take the opposition position. I assume that markets are always wrong. Even if my assumption is occasionally wrong, I use it as a working hypothesis. It does not follow that one should always go against the prevailing trend. On the contrary, most of the time the trend prevails; only occasionally are the errors corrected. It is only on those occasions that one should go against the trend. This line of reasoning leads me to look for the flaw in every investment thesis. ... I am ahead of the curve. I watch out for telltale signs that a trend may be exhausted. Then I disengage from the herd and look for a different investment thesis. Or, if I think the trend has been carried to excess, I may probe going against it. Most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded.

 

George Soros

 

Our work is not so much to treat or to cure feelings, as to accept and celebrate them. This is a critical difference.
Fundamentalists figure things out and anticipate change. Trend followers join the trend of the moment. Fundamentalists try to solve their feelings. Trend followers join their feelings and observe them evolve and dis-solve.
The feelings we accept and enjoy rarely interfere with trading.
Trying to treat or cure feelings adds mass.

 

Ed Seykota

 

The prevailing trend – from the Atlantic sea to the Ural mountains – seems to move towards a paramount blow up of nationalities. Such a trend – alive in the souls also under the centralized structures of strong multinational states – has been to weaken the Eastern socialistic countries. It appeared in the former Soviet Union, in the Yugoslav republics, and in Czechoslovakia after the fall of the Eastern regimes.

 

Nico Perrone

 

In my first year I was taught about the slide rule. They said, "The slide rule is important. Without it you can do nothing. The slide rule is the modern weapon of efficiency. With the slide rule you can get from here to the stars. Buy it, use it – your slide rule!" Within one year it was, "Burn the slide rule. The calculator can add up with none of this f**king sliding the shit around and working out where that bit in the middle goes. Smash it over your head."

 

Eddie Izzard

 

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

 

Warren Buffett