There will be losing years; but if the art of making money is not to lose it, then there should not be substantial losses.

There is always something to do. You just need to look harder, be creative and a little flexible.

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

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.

All we try to do is buy a dollar for 40 cents.

The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.

Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them from the simpler, more fundamental truths.