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.

Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with the penalties for poor short-term performance, the long-term view may well be from the unemployment line ... Relative-performance-oriented investors really act as speculators. Rather than making sensible judgments about the attractiveness of specific stocks and bonds, they try to guess what others are going to do and then do it first.

Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

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

We buy expecting to hold a bond to maturity and a stock forever.

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.

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.