Indeed, the market often does look easy in hindsight. Tops are made as everyone rushes to buy what has been profitable already. At that point, to the astonishment of those who’ve missed it, the cliche becomes: “The easy money has already been made.” But while it is happening no one realizes it; investors are caught up in the classic “wall of worry” instead. It never can be easy because the rule of the market is that you have to act before you know enough. Because it is a process, there is no one moment, or single point, at which one can make an obvious “sure” decision.
– Justin Mamis, The Nature of Risk
