A value strategy is of little use to the impatient investor since it usually takes time to pay off.

It's awful to have a depression, but it's a great thing to have a depression mentality because it means that we are not speculating, we are not living beyond our means, we don't quit our job to take a big risk because we know we might not get another job. There is something stable about a country, a society built on those values.

The avoidance of loss is the surest way to ensure a profitable outcome.

Excess capacity in people, machines, or property will be quickly absorbed.

If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.

At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important.

I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach for another