I’ve learned over the years that money is not made in the stock market through stock appreciation but rather dividends and distributions. One must learn not to invest in equities for gains but for quarterly payments. Holding equities in your portfolio that generate cash is ideal. Warren Buffett loves holding good companies that can continue to produce large amounts of cash over time. This is why most of the investments he has held give him 10% plus in dividends a year. Seth Klarman also invests for cash flow. He seems to park his money in equities that have high dividend yields,produce large amounts of cash flow,or have a large portfolio of royalty assets. In conclusion, buy stocks not because they may appreciate in value but because they may produce more free cash flow over time and have strong dividend or distribution yields. Then you could care less about the day to day movements of the stock market.