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.

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.

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.

When people give away stocks based on forced selling or fear that is usually a great opportunity.

There is no amount of bad news that the markets cannot see past.

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.

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.