argo milton who else, page-21

Its also a strategy of looking out the rear view mirror. It is not good nor healthy to do so.
Take this example, Berkshire almost to unpopular belief in the late 70s or so did not pump cash after cash chasing the favourable "in thing" of the time - oil. Instead, Berkshire was heavily buying into general foods, enough from memory to acquire a 4%+ stake. Huge outcry that Berkshire and more so Warren had lost his touch (this is actually repeated decade after decade when new fads/bubbles occur.)

Look at companies that have a competitive advantage, reliable management and enter/top up at intervals that make sense.
Man, mood & market cannot be controlled. More importantly it should not control us.
Charlie Munger said it best:
"Human nature always has these incentives to rationalise and misbehave. Were going to have turmoil as far ahead as you can see."

The best defense - companies with so much moat, it will survive no matter what is thrown at it or in other words - still standing amongst panic & fear!