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

Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.

I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach for another

Do not suffer interim losses, relish and appreciate them

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

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.

Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not out of jealousy but out of respect and focus your efforts not on replicating others' portfolios but on looking for opportunities where they are not. The only way for investors to significantly outperform is to periodically stand far apart from the crowd, something few are willing, or able, to do.