A very clever infographic from Wall Street Cheat Sheet on the psychology of stock market cycles.

Further proof that the smart money knows how to (or attempts to) avoid the herding behavior of investors and momentum traders. Moreover, that successful investors should attempt to employ counterintuitive logic by avoiding the market when everyone is euphoric and buying the market when everyone believes the sky is falling.

I particularly like the comments from the anxiety and anger stages of the investment bubble. Reminds me of my own personal experiences when I first began trading stocks in college during the tech stock bubble.