In this years Berkshire's Annual Report, Warrent Buffet talked about waiting to invest heavily when major market declines occur.  He quoted Kipling's "If" poem which I like a lot!  I want to share with you, the nice people in TZLC!

Here is the extracted paragraph of that section:

When major declines occur, however, they offer extraordinary opportunities to those who are not handicapped by debt. That’s the time to heed these lines from Kipling’s If:

“If you can keep your head when all about you are losing theirs . . .

If you can wait and not be tired by waiting . . .

If you can think – and not make thoughts your aim . . .

If you can trust yourself when all men doubt you...

Yours is the Earth and everything that’s in it.”

And, he is strongly against ever using borrowed money to own stock because of randomness in the short term ("Even if your borrowings are small and your
positions aren’t immediately threatened by the plunging market, your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions")