Be fearful when others are greedy and greedy when others are fearful

"Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful."
Warren Buffett

We are definitely going through a very interesting time in our economy to say the least. Although there is great uncertainty in the markets, there also seems to be great opportunity. There is a difference between uncertainty and risk. Although, short term investors tend to mistake the two things, uncertainty and risk are not the same. Wall street hates uncertainty and punishes the stocks of good companies along with the stocks of bad companies. This creates a great buying opportunity for the long term investors. I am almost encouraged by this talk about recession. I have no way of predicting a recession or slow down or meltdown, what I do know is that Mr. Market is giving us a dicount on good companies. Instead of shunning stocks completely in down cycles, investors should add to their holdings or create new positions in stocks that have been on their watchlist.I have opened new positions in a couple stocks that I think have the ability to add to my portfolio in the long run. I have been watching these two stocks for about a year and this market decline has convinced me to jump right in and buy shares of these companies. I am buying stocks of companies that I think are best in their class and are trading at multiples much lower than they are truly worth. As Mr. Buffett says in one of his famous letters to his shareholders "be fearful when others are greedy and greedy when others are fearful".