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

We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science

Be focused on process and not outcome

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

Courage is a function of process.

The government - the ultimate short-term-oriented player - cannot withstand much pain in the economy or the financial markets. Bailouts and rescues are likely to occur, though not with sufficient predictability for investors to comfortably take advantage. The government will take enormous risks in such interventions, especially if the expenses can be conveniently deferred to the future. Some of the price-tag is in the form of back- stops and guarantees, whose cost is almost impossible to determine.

By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.