1. The market as virtually unplayable for most.
2. Cash is king and provides an opportunity to be opportunistic! The flow has changed (David Tepper).
3. Err on the side of conservatism in a mature bull market and in a seven year economic recovery.
4. Opportunistic trading will trump buy/hold.. for now (this is hard to do for virtually all individual investors.
5. But one has to be virtually emotionless by selling strength and buying weakness. Easier said than done!
6. The world is not coming to an end - as Byron Wien (a famous investor) writes, "Disasters have a way of not happening."
7. But the markets are overvalued and the global economy is on a weak foundation - so stay liquid and reduce volatility when possible (sell winning investments when you can).
8. Turn off the business media (or put down the volume) - the pablam spewed is not very value addded.
9. Hindsight is always 20/20.
10. Volatility and a two way market likely lies ahead.
11. Dont panic when others are and not get giddy when markets percolate.
12. ALways maintain "sleeping level" positions. Dont get over your head.
13. Learn the disciplines associated with short selling.
14. Avoid leverage.
15. Avoid concentration. Be diversifed.
Other than that, have a good weekend!
