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.

My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward over time-as the saying goes, stocks are for the long run.

Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.

It's incredibly important to note that when you don't allow failure, you get more failure.

We buy expecting to hold a bond to maturity and a stock forever.

All investors must come to terms with the relentless continuity of the investment process.

We don't deal in absolutes. We deal in probabilities.