But a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street — a community in which quality control is not prized — will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

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Quote text and notes from Wikiquote: Warren Buffett (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.