Agenda:

Current markets:

Investing Rules to Remember

Markets tend to return to the mean over time

Excesses in one direction will lead to an opposite excess in the other direction

There are no new eras — excesses are never permanent

Exponential rapidly rising or falling markets usually go further than you think, but they do not correct by going sideways

The public buys the most at the top and the least at the bottom

Fear and greed are stronger than long-term resolve

Markets are strongest when they are broad and weakest when they narrow to a handful       of blue-chip names

Bear markets have three stages — sharp down, reflexive rebound and a drawn-out fundamental downtrend

When all the experts and forecasts agree — something else is going to happen

Bull markets are more fun than bear markets