There are no long-term lessons - ever.

We buy expecting to hold a bond to maturity and a stock forever.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

Always remembering that we might be wrong, we must contemplate alternatives, concoct hedges, and search vigilantly for validation of our assessments. We always sell when a security's price begins to reflect full value, because we are never sure that our thesis will be precisely correct.

The real secret to investing is that there is no secret to investing.

A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.

Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.