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

You need humility to say 'I might be wrong.'

Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity

The government can indefinitely control both short-term and long-term interest rates.

I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.

Flexible approach - will look at ALL asset classes.

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.