'Everybody has a plan until they get punched in the face', is one of Mike Tyson’s most famous quotes, however it is not the full quote.

The next sentence , 'Then, like a rat, they stop in fear and freeze' often gets left out.

I guess the investing equivalent would be 'everybody likes to reference Warren Buffett, until a Warren Buffett moment arrives'.

99% of good investing is doing nothing, the 1% is how you behave when things are crazy.

For now, there is no Trump put and neither is there a Fed put which is why there is an Austrian aroma – of creative destruction - to markets.

When there’s not been any for a while, price discovery hurts.