Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.

As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.

To a value investor, investments come in three varieties: undervalued at one price, fairly valued at another price, and overvalued at still some higher price. The goal is to buy the first, avoid the second, and sell the third.

We work really hard never to get confused with what we know from what we think or hope or wish.

Courage is a function of process.

Loss avoidance must be the cornerstone of your investment philosophy.

It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.