It is by now well established that investors who go through traumatic market experiences like the Great Depression or the inflation of the 1970s become scarred by these experiences for the rest of their lives. Similarly, I think the market environment when you start your career as an investor plays an important role in shaping how you invest. And a
"And it is this lack of overoptimism why investors who have learned their trade in a bear market have slightly better performance on average than investors who have learned their trade in a bear market"
The latter would be 'bull market', then.
As always, so interesting! Thanks for sharing your reading with everyone on this blog.