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

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.

Almost every financial blow up is because of leverage.

The way to maximize outcome is to focus on the process.

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.

At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital.