In investing, there is no higher honor than courageously abstaining from committing capital to overpriced issues, particularly those in favor, and, amidst an abundance of mediocre issues, courageously refusing to settle for nothing but the most superior asymmetries.
Over the past eight months I've found three ideas where I think the chance of permanent capital loss is low, and the potential reward may be satisfactory. That's what I'm looking for! But in a 2008 scenario, I assume I'd find a lot more in a much shorter period.