A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.

It's incredibly important to note that when you don't allow failure, you get more failure.

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

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

It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that I've checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.

Investing today may well be harder than it has been at any time in our three decades of existence.

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.