Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.

The way to maximize outcome is to focus on the process.

I don't have a Bloomberg on my desk. I don't care.

When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.

My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline

A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.