Don't settle for a 'good' investment, always wait for a great investment -- even if this means holding a lot of cash. I have an extremely concentrated portfolio (I don't ever own more than five stocks, usually no more than three), so this is especially important for me. There are a lot of stocks that are mildly cheap right now, but I'm hesitant to buy mildly cheap stocks in a rising market. I'd rather sit out the year in cash and wait for great businesses to get really cheap. It's worked well for me in the past and is mostly a test of patience.
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