(The following commentary comes from an independent investor or market observer as part of TheStreet's expert contributor program.) "If we can't find things within our circle of competence, we don't expand the circle." -- Warren Buffett While the quote above by Warren Buffett refers to his portfolio and the idea that some investors make the mistake in thinking that they have to be "constantly invested," that logic can also translate to market timing and life in general. Buffett would recommend not only that you buy only what you know in terms of investments, but more importantly, wait for your "right price." If a stock or something else you want to purchase is not available at the right price, the alternative should be to wait or simply not buy at all. It makes perfect sense and speaks to the many aspects of not only that which helps formulate our investment decisions but also that which keeps investors from falling into traps. As fundamental in principle as all of that sounds, it is certainly much easier said than done, not only for individual investors, but remarkably, for large businesses as well.