"When you do not have investment opportunities that you are ready to act on, you can use your time to prepare for future opportunities. When you identify a unique business or superior management team, add the business to your inventory of ideas or watch list, regardless of its current valuation. This is the secret sauce to investing intelligently, because it allows you to act decisively when a good opportunity is in front of you, and it prevents you from acting imprudently when you first have the idea or insight. In essence, you are letting time work in your favor." -Michael Shearn, The Investment Checklist
