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

All investors must come to terms with the relentless continuity of the investment process.

The avoidance of loss is the surest way to ensure a profitable outcome.

Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.

Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.

Do not suffer interim losses, relish and appreciate them