Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.

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

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.

The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.

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.

Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.

Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under pressure, because declines will quickly be reversed.