Tactics is knowing what to do when there is something to do; strategy is knowing what to do when there is nothing to do.
Reflection
I, like a lot of humans I think, have a hard time with “when there’s is nothing to do. I consider my wife a worrier, and that worrying is not a helpful thing to do “when there’s nothing to do”, but she’ll point out that sometimes it helps discover things that could be useful to do. (And she actually read an interesting book that helped set some context for both of us on it: Warriors and Worriers if you’re interested!) Ultimately, though, I think this is mainly just a call for an occasional pause for reflection, consideration, and contemplation. Or as Carrol’s White Rabbit said:
“Don’t just do something, stand there!”
– a sentiment echoed by the father of the index fund, Jack Bogle who pointed out what a great approach to investing that was (don’t do active trading, just invest in the index fund – an idea reinforced by Buffet’s famous bet.
Or, finally, the Stephen Covey quote of
“If the ladder is not leaning against the right wall, every step we take just gets us to the wrong place faster.”