今日のアジア版Financial Timesに掲載されていた、投資に関するJonathan David のエッセイから。Peter Bernstein は今年亡くなった金融に関する著述家。Pigouは20世紀前半の経済学者。

"In their calmer moments, investors recognise their inability to know what the future holds. In moments of extreme panic or enthusiasm, however, they become remarkably bold in their predictions: they act as though uncertainty has vanished and the outcome is beyond doubt." (Peter Bernstein)

"The error of optimism dies in  the crisis, but in dying it gives birth to an error of pessimism.  This new error is born, not an infant, but a giant." (A.C. Pigou)