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

Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.

When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are focusing on risk.

At Baupost, we constantly ask: 'What should we work on today?' We keep calling and talking. We keep gathering information. You never have perfect information. So you work, work and work. Sometimes we thumb through ValuLine. How you fill your inbox is very important.

All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come

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.

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.