Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value. Give reference to companies having good managements with a personal financial stake in the business. Finally, diversify your holdings and hedge when it is financially attractive to do so.

If another person were to enter the building, it would once again be empty.

I don't have a Bloomberg on my desk. I don't care.

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline

In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.

Excess capacity in people, machines, or property will be quickly absorbed.

Hold cash when opportunities are not presenting themselves.