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

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

Depressions aren't good but the depression mentality is good.

Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside.

The avoidance of loss is the surest way to ensure a profitable outcome.

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

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.