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

There are no long-term lessons - ever.

Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.

Always look for forced urgent selling.

The best protection against risk is knowing what you are doing.

Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one stock led him to a dozen other potential investments. To tirelessly pull threads is the lesson that I learned from Mike Price.

Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.