Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not out of jealousy but out of respect and focus your efforts not on replicating others' portfolios but on looking for opportunities where they are not. The only way for investors to significantly outperform is to periodically stand far apart from the crowd, something few are willing, or able, to do.

Having great clients is the key to investment success.

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

Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.

Generally, the greater the stigma or revulsion, the better the bargain.

Costs and liabilities are rarely overstated.

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