Fear & Greed: Sentiment Is Not A Strategy

Everyone is Bullish. Everyone is Bearish. Two phrases often heard in markets, and often accompanied by following quote, courtesy of Warren Buffett: Be fearful when others are greedy and greedy when others are fearful. Great saying, but what exactly does it mean? How do you know when “others are greedy or fearful”? And how do you turn “being fearful or greedy” into an investment strategy?