There are no long-term lessons - ever.

Over the long run, the crowd is always wrong.

Always look for forced urgent selling.

To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.

One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school

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

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