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

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.

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

The price must be less than one half of the former high and preferably at or near its all time low.

In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.

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.

There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.