昭和金融恐慌で高橋是清が危機を処理した44日間（1927年）｜週刊ダイヤモンドで読む 逆引き日本経済史｜ダイヤモンド・オンラインより

1. 好況によって投資が亢進し、潜在成長率を大きく上回って資産価格（株・不動産）が上昇する。
2. 期待成長率（将来のインフレ率と同じ）が大きく上昇する。人々と企業は熱狂の渦中にある。
3. 銀行（その他金融機関を含む）の融資が激増するが、担保資産価格も上昇しているのでどんどん亢進する。銀行も熱狂している。
4. 市場参加者が潜在成長率を超えた部分を、あるきっかけでバブルと認識しはじめると、資産価格は下落を始める。企業も個人の心理も冷却する。
5. 資産価格の上昇率は潜在成長率まで下がるはずだが、日本のようにそれを下回って下落することもある。
6. 銀行は担保資産価格の下落によって債権が不良化する（不良債権）。
7. 期待成長率も低下する。物価も下落。金利も低下。
8. 不良債権を大量に抱え込んだ銀行は自己資本比率を維持するために分母の資産を減らす行動をとり、貸し渋りや貸しはがしを行なう。この経路を通じて倒産が殖え、不況となる。
9. 債務超過に迫る銀行からの預金流出が起きる。パニックになると取り付け騒ぎとなる。

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That being the case, I recommend putting only a portion of your money into a stock you’re considering. If it drops in price, you can reassess whether to move your remaining money in at the discount or steer clear until you’re truly convinced that the stock has bottomed out and is on its way back up. O’Neil would shudder at that advice, but it has been a splendid technique for Bill Miller, and for me. Good stocks drop in price frequently and speculation bids the price of crummy stocks high on a regular basis. Because it’s an unreasonable force causing such gyrations, you can’t think your way through it. You can improve your odds by investing in the best companies out there, but you can’t know what the unreasonable market will do.

―Jason Kelly – The Neatest Little Guide to Stock Market Investing

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指値(limit order)を使え！という教え

There are plenty of opportunities out there. If one gets away, move on to the next one. A rather terse woman I know has this to say about life: “Never chase a man, a bus, or a stock. There will be another one along in five minutes.” The man I don’t know about, and bus availability varies from city to city, but she’s right about the stock. There are so many good ones day after day that there’s never a reason to be upset about an opportunity lost. It’s better to lose an opportunity than to lose money. So decide in advance what price is attractive to you and spell it out on a limit order.
―Jason Kelly – The Neatest Little Guide to Stock Market Investing

この後さらに、成行き(market orders)はやめとけ、という教え。

Should you ever use market orders? Sure. There are times when you stumble on something that you think is so hot that it’s not coming down for years. A limit order specifying a lower price than the current one might miss the chance to buy this rising star. I would caution you about jumping on something instantaneously, though. I’ve discovered over the years that what’s a good buy today is usually still a good buy next week. The market moves around, but not as quickly as you might think. Emotions move a lot faster than the market. They also move faster than intelligent thoughts. So give the rational part of your brain time to catch up to the excited, frothy part. Never forget the power of clear thinking, predetermined prices, and the limit order.
―Jason Kelly – The Neatest Little Guide to Stock Market Investing

100辺くらい読み返さないといけないですね。

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