People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur.

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

At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

Value investing is predicated on the efficient market hypothesis being wrong.

Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity

Warren Buffett is right when he says you should invest as if the market is going to be closed for the next five years. The fundamental principles of value investing, if they make sense to you, can allow you to survive and prosper when everyone else is rudderless. We have a proven map with which to navigate. It sounds kind of crazy, but in times of turmoil in the market. I’ve felt a sort of serenity in knowing that if I’ve checked and rechecked my work, one plus one still equals two regardless of where a stock trades right after I buy it.