There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at another it's a hold, and at another it's a sell.

In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans and soured investments are irrelevant to value; improving trends and future prospects are what matter, regardless of whether profits will have to be used to cover loan losses and equity shortfalls for years to come.

Be focused on process and not outcome

Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?

Buying's easier, selling's hard - [it's] hard to know when to get out.

We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it. While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.

Never stop reading. History doesn't repeat, but it does rhyme.