A commodity doesn't have the same characteristics as a security, characteristics that allow for analysis. Other than a recent sale or appreciation due to inflation, analyzing the current or future worth of a commodity is nearly impossible.

The trick of successful investors is to sell when they want to, not when they have to.

Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.

Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not lose money, and the second rule is to not forget the first rule. Yet few investors approach the world with such a strict standard of risk avoidance.

Sometimes buying early on the way down looks like being wrong, but it isn't.

Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity