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We are all at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air. We know, by the rules, that at some moment the Black Horsemen will come shattering through the great terrace doors, wreaking vengeance and scattering the survivors. Those who leave early are saved, but the ball is so splendid no one wants to leave while there is still time, so that everyone keeps asking, “What time is it? What time is it?” but none of the clocks have any hands.

George Goodman (1930-2014) American author, economics broadcast commentator [pseud. Adam Smith]
Supermoney, Part 3, ch. 2 (1972)
    (Source)

An explanation he gave to a "mass-circulation magazine" about the stock bubble in 1968. He later incorporated a variation of the story in a republication of his 1968 The Money Game:

We are all at a wonderful party, and by the rules of the game we know that at some point in time the Black Horsemen will burst through the great terrace doors to cut down the revelers; those who leave early may be saved, but the music and wines are so seductive that we do not want to leave, but we do ask, "What time is it? What time is it?" Only none of the clocks have any hands.
Added on 27-Apr-21 | Last updated 27-Apr-21
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Markets can remain irrational a lot longer than you and I can remain solvent.

John Maynard Keynes (1883-1946) English economist
(Attributed)

Generally credited to Keynes, but the earliest reference found is by financial analyst A. Gary Shilling, "Scoreboard," Forbes (15 Feb 1993). More discussion here.

Sometimes given as "Markets can remain irrational longer than you can remain solvent" or "Markets can stay irrational longer than you can stay solvent."
Added on 11-Apr-17 | Last updated 11-Apr-17
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The ignorance of even the best-informed investor about the more remote future is much greater than his knowledge, and he cannot but be influenced to a degree which would seem wildly disproportionate to anyone who really knew the future, and be forced to seek a clue mainly here to trends further ahead. But if this is true of the best-informed, the vast majority of those who are concerned with the buying and selling of securities know almost nothing whatever about what they are doing. They do not possess even the rudiments of what is required for a valid judgement, and are the prey of hopes and fears easily aroused by transient events and as easily dispelled.

John Maynard Keynes (1883-1946) English economist
A Treatise on Money, Vol. 2 (1930)
Added on 6-Dec-16 | Last updated 6-Dec-16
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No one was ever ruined by taking a profit.

Other Authors and Sources
American proverb (Wall Street)
Added on 17-Apr-14 | Last updated 17-Apr-14
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