Figure out what something is worth and pay a lot less.

Look down, not up, when making your initial investment decision. If you don’t lose money, most of the remaining alternatives are good ones.

So one way to create an attractive risk/reward situation is to limit downside risk severely by investing in situations that have a large margin of safety. The upside, while still difficult to quantify, will usually take care of itself. In other words, look down, not up, when making your initial investment decision. If you don’t lose money, most of the remaining alternatives are good ones.

I don't know too many people that are good at timing the market relative to macro-economic events.

Here is part of the tradeoff with diversification. You must be diversified enough to survive bad times or bad luck so that skill and good process can have the chance to pay off over the long term.

Figure out what something is worth and pay a lot less.

I wait until an investment idea is so good, it hits me over the head like an anvil.