Rather than engage in the sort of selective retention that so many investors tend to do and pretend mistakes never happened, I prefer to own them. This allows me to learn from them and, with any luck, avoid making the same errors again.

Salesmen always need something to sell.

This ugly duckling investment will likely need time - quarters, or even years - to blossom into a beautiful swan.

I find it funny that people who didn't think there was any inflation in the pipeline are now talking about stagflation. This is nothing like the 1970's, which was a pretty dismal period and not just because of polyester and disco.

The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.

You can blow on the dice all you want, but whether they come up seven is still a function of random luck.

Unlike cheap stocks, inexpensive asset classes have a lower chance of big drawdowns (broad asset classes don't go to zero) and a higher probability of average or better returns.