The true investment objective of growth is not just to make gains but to avoid loss.

Fisher, Philip A.. Common Stocks and Uncommon Profits and Other Writings: 40 (Wiley Investment Classics) (p. 196). Wiley. Kindle Edition.

“The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism. The intelligent investor is a realist who sells to optimists and buys from pessimists.”

Benjamin Graham