The single greatest edge an investor can have is a long-term orientation.

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

Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.

Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.

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

Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.

Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.