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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.
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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.
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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.
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George told me I was thinking too small. If you're right on a trade, why bet only a little? That lesson changed everything.
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Liquidity matters more than earnings in the short run. The Fed is the most important variable in markets. Always.