In a world where many seek a shortcut and aim to do what others are doing DoubleLine’s Jeff Gundlach offers some rather simple yet powerful advice in this Forbes interview:

Patience is the most important thing…

Things take longer to develop and longer to tip over. Weird situations can be held together much longer than people think.

I would strongly advise that people develop their own opinions as best they can and not look for corroboration of their opinion with everyone else. It’s worthwhile not to say, “I’ll be comfortable because I have tons of company in this idea.” It’s okay to develop an independent opinion and probably more profitable if you can apply it with a fair amount of objectivity.

Anytime everyone’s doing the same thing, they will all sell together. It leads to a very dangerous setup that the momentum on the upside turns into the momentum on the downside. It’s really important to not get sucked into this herding kind of behavior because you all get slaughtered together, the entire herd.