Chief investment officer, California State Teachers' Retirement System
Al Czervik from the movie "Caddyshack," played by Rodney Dangerfield, gets a call on the golf course: "Hello. It's my broker. What? Then buy, buy, buy! Oh, everyone's buying? Then sell, sell, sell!"
What I learned from Al is don't follow the herd, they are generally wrong and late. If everyone wants to buy, look around, it's probably the top. Definitely if everyone is heading for the exit, it's the bottom.
NEXT: What I learned from Horace