Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

Hold cash when opportunities are not presenting themselves.

Investing today may well be harder than it has been at any time in our three decades of existence.

Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.

We worry top-down, but we invest bottom-up

If an asset has cash flow or the likelihood of cash flow in the near term and is not purely dependment on what a future buyer might pay, then it's an investment. If an asset's value is totally dependent on the amount a future buyer might pay, then its purchase is speculation.