Investors repeatedly jump ship on a good strategy just because it hasn't worked so well lately, and, almost invariably, abandon it at precisely the wrong time.

I paraphrase Lord Rothschild: ‘The time to buy is when there's blood on the streets.'

Demanding immediate success invariably leads to playing the fads or fashions currently performing well rather than investing on a solid basis. A course of investment, once charted, should be given time to work out. Patience is a crucial but rare investment commodity.

If you have good stocks and you really know them, you'll make money if you're patient over three years or more.

Experience teaches us that when "everyone" comes to the same conclusion, that conclusion is just about always wrong.

Favored stocks underperform the market, while out-of-favor companies outperform the market, but the reappraisal often happens slowly, even glacially.

History constantly reminds us that in an uncertain world there is no visibility of prospects. Future earnings cannot be predicted with accuracy.