Most of the time market conditions are in the middle (neither at a top nor at a bottom), and extreme market environments where contrarian or market-timing strategies work are rare, so spending 90% of time planning for 5-10% frequency events is inefficient.

factualpending

Speaker

Ben Carlson

Evidence Quote

investors want to assume that we're always at an extreme... whereas most of the time we're actually somewhere in the middle... those extremes don't happen very often

Source

Practical Lessons from Ben CarlsonExcess Returns
Created: 8/11/2026, 7:52:29 AM

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