I recently blogged that whenever an investor says that now is the time to be buying, you should ask yourself "buying with what?"--that's it's not enough to have the conviction to buy, you must also have the cash.
A great example of what I mean is Phil Ruffin, one of those great investor-owner-operators that I love so much. He just bought the Treasure Island Hotel and Casino in Las Vegas for just $775 million, only a year after selling the New Frontier for $1.24 billion at the height of the city's boom. Nice.
Here's a Las Vegas Sun article about a deal Ruffin did with Donald Trump. It describes Ruffin as "a billionaire last seen wearing chinos and a polo shirt, plucking nickels off the carpet at the New Frontier before he sold it for $1.2 billion."