We buy expecting to hold a bond to maturity and a stock forever.

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.

As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.

Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.

The cost of performing well in bad times can be relative underperformance in good times.

When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.

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