Almost every financial blow up is because of leverage.

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.

Having great clients is the key to investment success.

Value investing is risk aversion.

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.

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