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

Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value. Give reference to companies having good managements with a personal financial stake in the business. Finally, diversify your holdings and hedge when it is financially attractive to do so.

Having great clients is the key to investment success.

Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.

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

If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.

Be focused on process and not outcome