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.

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

When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are focusing on risk.

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

The way to maximize outcome is to focus on the process.

There are no long-term lessons - ever.

We don't deal in absolutes. We deal in probabilities.