Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

It's incredibly important to note that when you don't allow failure, you get more failure.

One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school

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

We work really hard never to get confused with what we know from what we think or hope or wish.

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.

It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.