Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.

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

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.

Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.

Value investing by its very nature is contrarian.

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

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.