I've never used valuation to time the market. It's a good tool for knowing what you own, but a terrible tool for knowing when to buy or sell.
The way to build superior long-term returns is through preservation of capital and home runs. You can be wrong 30% of the time and still make a fortune if you cut losses and let winners run.
George told me I was thinking too small. If you're right on a trade, why bet only a little? That lesson changed everything.
Liquidity matters more than earnings in the short run. The Fed is the most important variable in markets. Always.
I learned from my mistake in 1999 that even when you know something is irrational, if the momentum is there, it can keep going long enough to kill you.
My best quality as an investor is that I can change my mind completely in a day. Most people can't do that. They fall in love with their positions.