The cost of performing well in bad times can be relative underperformance in good times.

When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.

It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.

Never stop reading. History doesn't repeat, but it does rhyme.

It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.

You need humility to say 'I might be wrong.'

Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.