As Howard Marks explained in an interview with Tim Ferris: “It’s common for people to say, ‘I’m not going to jump in while this thing is collapsing down. I’m going to wait until the dust has settled and the future is clear. I’m not going to try to catch a falling knife.’
“But it is when the knives are falling that the people are most terrified that the best bargains are available. So if you wait until the dust settles, the bargains are gone.