2009 | OriginalPaper | Buchkapitel
Fear, Panic, and Market Returns
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We recognize that markets have two personalities. One is of the rational and careful analyst, researching the fundamental ability of a firm to generate future earnings, and establishing a best match between risk and return in the marketplace and their own tolerance for risk. The other personality is bipolar, carried to new emotional heights when the market is optimistic, and sinking to deep emotional lows when the market mood turns ugly.