An investor should act as though he had a lifetime decision card with just twenty punches on it. - Warren Buffett

You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideals come along, and I've had long dry spells. If I get an ideal next week, I'll do something. If not, I won't do a damn thing.

Nevertheless, we will stick with the approach that got us here and try not to relax our standards. Ted Williams, in The Story of My Life, explains why: “My argument is, to be a good hitter, you’ve got to get a good ball to hit. It’s the first rule in the book. If I have to bite at stuff that is out of my happy zone, I’m not a .344 hitter. I might only be a .250 hitter.” Charlie and I agree and will try to wait for opportunities that are well within our own “happy zone.

Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.