There are no long-term lessons - ever.

Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.

Value investing by its very nature is contrarian.

You probably would not choose to dine at a restaurant whose chef always ate elsewhere. I do eat my own cooking, and I don't "dine out" when it comes to investing.

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

All investors must come to terms with the relentless continuity of the investment process.

Investing today may well be harder than it has been at any time in our three decades of existence.