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

If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.

I don't have a Bloomberg on my desk. I don't care.

In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in a marketable security the gain or loss associated with the various outcomes is not totally inherent in the underlying business; it also depends on the price paid, which is established by the marketplace. The view that risk is dependent on both the nature of investments and on their market price is very different from that described by beta.

The best protection against risk is knowing what you are doing.

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline

You need humility to say 'I might be wrong.'