Value investing is risk aversion.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

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

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.

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

Sometimes buying early on the way down looks like being wrong, but it isn't.