Markets and securities are often overbought or oversold, and they can maintain or extend those conditions for a long time. The outcomes that are more likely to happen may not happen until long after they first became likely. Markets can have a long time lags before turning around and reaching levels supported by a well-reasoned conclusion.

There are two famous quotes describing this:

• “Being too far ahead of your time is indistinguishable from being wrong” by Howard Marks

• “Markets can stay irrational longer than you can stay solvent.” by John Maynard Keynes