The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost. (Investors believe this now and, worse still, the government believes it as well. We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards. The government is blissfully unaware of the wisdom of Friedrich Hayek: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.")

Be focused on process and not outcome

When people give away stocks based on forced selling or fear that is usually a great opportunity.

One must understand the importance of an endless drive to get information and seek value.

Almost every financial blow up is because of leverage.

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.

Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.