Smart Investing Amidst Real Estate Mania: Why the Rich Get Richer - Yahoo! Finance: "The angry readers should draw insight from something Warren Buffett said: 'For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for someone else.'
The sage of Omaha sums up pithily: 'The dumbest reason in the world to buy a stock is because it's going up.'
Personally, I would say, 'The dumbest reason to buy anything is because the price is going up.' Yet that's what people do when they invest. They generally don't buy high-priced things when they shop."
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