Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don't.

Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The time other investors spend delving into the last unanswered detail may cost them the chance to buy into situations at prices so low they offer a margin of safety despite the incomplete information

As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.

The real secret to investing is that there is no secret to investing.

One must understand the importance of an endless drive to get information and seek value.

Do not suffer interim losses, relish and appreciate them

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.