Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule." I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.

Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

Costs and liabilities are rarely overstated.

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.

It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.

The trick of successful investors is to sell when they want to, not when they have to.

Value investing by its very nature is contrarian.