“take all your common stocks and sell them”

When there is a stock-market boom, and everyone is scrambling for common stocks, take all your common stocks and sell them. Take the proceeds and buy conservative bonds. No doubt the stock you sold will go higher. Pay no attention to this – just wait for the depression which will come sooner or later. When this depression – or panic – becomes a national catastrophe, sell out the bonds (perhaps at a loss) and buy bac...

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source https://thereformedbroker.com/2020/12/16/take-all-your-common-stocks-and-sell-them/