In a bull market, hold steady; in a bear market, go on the offensive. In a bull market, avoid panic; in a bear market, avoid greed. In a bull market, don’t call the top; in a bear market, don’t call the bottom. In a bull market, dips are for building momentum; in a bear market, be cautious of rallies. Whether bull or bear, mediocre stocks should always be discarded like worn-out shoes. ETH