In the current up-cycle, over-weighted, liquid, large-cap stocks have benefitted from forced buying on the part of passive vehicles [e.g, index funds], which don't have the option to refrain from buying a stock just because it's overpriced.

I don’t think it is terribly hard to spot a bubble. … I’ve been doing this now for 50 years, and I’ve lived through a few bubbles, and I’ve seen bubble behavior. Almost every bubble is characterized by people saying about a certain asset or a certain asset class, ‘There is no price too high.’

The big money is not in the buying and selling, but in the waiting and waiting.

Wide diversification is only required when investors do not understand what they are doing.

Fear is the most contagious disease you can imagine.