Quote of the Day: “excesses are never permanent” — and — “resolve and discipline always win out”

From economist Dave Rosenberg’s morning note:

“The one thing us old-timers can rely on is that history shows that (i) there are no new eras, (ii), anything that can’t last forever will not, (iii) excesses are never permanent and (iv) resolve and discipline always win out over the extreme emotions of fear and greed. Paste that to your wall.” 

Yeah, I’m an old-timer…

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