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

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.

When a government official says a problem has been "contained," pay no attention.

Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor. If you insist on looking to Mr Market for investment guidance however, you are probably best advised to hire someone else to manage your money.

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

The trick of successful investors is to sell when they want to, not when they have to.

When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.