The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.

Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.

I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.

Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.

If it is cheap enough, we don't care what it is.

I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpose ought to be to illuminate the road, to point out obstacles and potential pitfalls and so assist management to tailor events and to bend them in a desired direction. Forecasting should be used as a device to put both problems and opportunities into perspective. It is a management tool, but it can never be a substitute for strategy, nor should it ever be used as the primary basis for portfolio investment decisions.