Of preparation and patience in the stock market

"The Tao abides in non-action, yet nothing is left undone." Lao-tzu

In other words, prepare like a maniac before you buy. Pay attention to valuation. Buy only high-quality stocks that can stand the test of time.

Once you have bought, leave your high-quality stocks alone. Don't trade.

Chances are if you trade you'll do yourself more harm than good.

Balance only if things get totally out of whack.

Only once in a generation will you have to pay attention to a mania.

And, again, buy only high-quality stocks that can stand the test of time. Don't buy junk. With the bulk of your assets, don't speculate.