Great investments don't just knock on the door and say "buy me".

Value investing is at its core the marriage of a contrarian streak and a calculator.

You probably would not choose to dine at a restaurant whose chef always ate elsewhere. I do eat my own cooking, and I don't "dine out" when it comes to investing.

Courage is a function of process.

Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration of their assets. Borrowers must always remember that capital markets can be extremely fickle, and that it is never safe to assume a maturing loan can be rolled over. Even if you are unleveraged, the leverage employed by others can drive dramatic price and valuation swings; sudden unavailability of leverage in the economy may trigger an economic downturn.

It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.

If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.