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

Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.

Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.

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

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

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.