Stocks, markets, and money managers' performance are subject to enantiodromia, the tendency of things to swing to their opposites. Those swings can have wide arcs, and unsustainable trends can sometimes persist beyond the ability of one to endure. That is why most investors are out of stocks at the bottom—they are tired of losing money—and fully invested at the top—they believe their good performance will persist despite their stocks or the market's being overpriced.

—Bill Miller