Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.

Courage is a function of process.

The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.

Many LBOs are man-made disasters. When the price paid is excessive, the equity portion of an LBO is really an out-of-the-money call option. Many fiduciaries placed large amounts of the capital under their stewardship into such options in 2006 and 2007.

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.

Be indifferent if you lose your short term clients, remember they are your own worst enemy