The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.

Do not suffer interim losses, relish and appreciate them

Value investing is at its core the marriage of a contrarian streak and a calculator.

Complexity - limits competition.

Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.