Never invest in anything that cannot be illustrated with a crayon
I'm always fully invested. It's a great feeling to be caught with your pants up.
That's not to say there's no such thing as an overvalued market, but there's no point worrying about it.
Invest in businesses any idiot could run, because someday one will.
Your investor's edge is not something you get from Wall Street experts. It's something you already have. You can outperform the experts if you use your edge by investing in companies or industries you already understand.
Never buy anything that you can't illustrate on the back of a napkin.