Observations from watching today's Berkshire Hathaway shareholder meeting live:
Some advice for those worried about the cyclical fluctuations of their investment portfolios: they should change their investment philosophy and adapt to this world; the world will not adapt to them. Everyone will face setbacks; that is part of life. Some people will be very lucky, while others will be quite unfortunate.
Focus on the beautiful things in life rather than the unfortunate ones. Life can be wonderful, even though it may also involve significant setbacks. You need to patiently wait for that rare opportunity... For reasonable trades, one should not hesitate to act; whereas for those who talk endlessly about things that will never happen, there is no need to waste time.