Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

At heart, "uncertainty" and "investing" are synonyms.

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'