There are no long-term lessons - ever.

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

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

Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.

Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one stock led him to a dozen other potential investments. To tirelessly pull threads is the lesson that I learned from Mike Price.

Value investing is predicated on the efficient market hypothesis being wrong.

We are big fans of fear, and in investing it is clearly better to be scared than sorry.