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I've been investing from Omaha for 40 years. A few miles from Buffett. The water here must be good for returns.
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Free cash flow is the only number that matters. Everything else is accounting. Cash is truth.
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Holding cash when markets are expensive is not being lazy. It is discipline. The opportunity cost of overpaying is higher than the opportunity cost of waiting.
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Avoiding big losses is as important as capturing big gains. Over 40 years, the math proves this beyond any doubt.
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You don't need to be on Wall Street to beat Wall Street. You just need to think independently and be patient.