We are busy surviving, herding, fixating on what just happened, and being overconfident!

There’s a virtuous cycle when people have to defend challenges to their ideas. Any gaps in thinking or analysis become clear pretty quickly when smart people ask good, logical questions. You can’t be a good value investor without being an independent thinker – you’re seeing valuations that the market is not appreciating. But it’s critical that you understand why the market isn’t seeing the value you do. The back and forth that goes on in the investment process helps you get at that.

It just seems logical that sticking to investing in only a small number of companies that you understand well, rather than moving down the list to your thirtieth or fiftieth favorite pick, would create a much greater potential to earn above-average investment returns.

The way we make money as a group is that we don't pay a lot for anything, and most of the stocks we buy have low expectations.

The secret to investing is to figure out the value of something - and then pay a lot less.

I think the exercise of trying to figure out how to simplify concepts has been incredibly helpful to me over the last 13 years of teaching and I hope my students have benefited from it.

Look down, not up, when making your initial investment decision. If you don’t lose money, most of the remaining alternatives are good ones.