Since 1978 have experienced and studied many market cycles in bonds, stocks, options, etc. Tend to question herd thinking, some might call me a contrarian. A big mistake made when young (1970’s) by avoiding bonds and investing in risky stocks. It was a great lesson in risk management. Seek long-term strategic trends while keeping an eye open for short-term tactical opportunities. Pay close attention to cash-flow statement, balance sheet and the allocation of capital. Warning flags go up when board of directors allocate owners money to departing owners via share repurchase programs. Very few share repurchase programs have been found that add value, but many that hurt fixed income investors.