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

At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital.

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.

The single greatest edge an investor can have is a long-term orientation.

Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.

The government can indefinitely control both short-term and long-term interest rates.

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