We are in a business that buys fear and sell to the greed. We need to understand the the pressure on an institutional fund manager is so intense that it shapes the entire stock market, the short term perspective happens because the fund managers don't want to lose their job. That's the huge advantage of us who manage our own money. We can wait, we can sit in cash when we cannot find companies to put that cash into, we can see things in the long run. If we could find wonderful companies at great price, we don't care what the market's doing. It doesn't matter what the market's doing. Managing portfolio is right back to the Rule One basics. It comes down to the simplest kinds of things that require a great deal of discipline. And those things are simply to make sure that you are really understand the business, that it has a protective moat that protects it from competition. And that the management is honest. If you've got those things, you should be able to put a reasonable price on this business. You're not going to get it perfect, but you get a reasonable price. And when you get a reasonable price, you discount it dramatically and buy it at a margin of safety. This is not the kind of investing where a high IQ beats a lower IQ or an average IQ. And this week we're all happy to see why the word "discipline" comes in here. Because it requires discipline. Strictly follow our rule to remain emotionally confident, that's the only way to make money in the long run and have a peace of mind. :)