Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
Buy not on optimism, but on arithmetic.
To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
The memory of the financial community is proverbially and distressingly short.
Wall Street people learn nothing and forget everything.
The value of any investment is, and always must be, a function of the price you pay for it.