Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under pressure, because declines will quickly be reversed.

Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.

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

A value strategy is of little use to the impatient investor since it usually takes time to pay off.

It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.

The best protection against risk is knowing what you are doing.

Value investing is at its core the marriage of a contrarian streak and a calculator.