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Isn't the standard advice to not invest unless you can wait 10 years for the ups and down to average out?

That is common Buffett-style advice. But he also advises that price matters. Matters a lot, in fact.

There are two sides to buffet style advice:

1. Buy bargains when assets are underpriced.

2. Hold those assets for many years.

Also, Buffet buys substantial or controlling fractions of a company, so the other owners can't scrwwo him. If you can't do that, you can't replicate his large scale success.

Not only that - he's able to affect those long-term returns.

>and right now the market is substantially above mean

In what sense is it "substantially" above mean?

the mean of what... itself? historically? how do we judge this?