Be focused on process and not outcome

Courage is a function of process.

Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside.

A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.

Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.

The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea what’s going on.

By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.