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

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.

Short sellers age in dog years.

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

If another person were to enter the building, it would once again be empty.

My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.