Don’t be the smartest person in the room. Hangout with， and learn from， people smarter than yourself. Even better， find smart people who will disagree with you.
The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
