Investment success cannot be captured in a mathematical equation or a computer program.

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.

You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and somebody wants to sell this to me and I know more than everybody else so I am going to stand here and buy it. I am going to pay an 1/8th more than the next guy wants to pay and buy it. That's arrogant. And you need the humility to say 'but I might be wrong.' And you have to do that on everything

Investment success cannot be captured in a mathematical equation or a computer program.

Almost every financial blow up is because of leverage.

A value strategy is of little use to the impatient investor since it usually takes time to pay off.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient