Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

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.

Buying's easier, selling's hard - [it's] hard to know when to get out.

Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.

Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.

Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under pressure, because declines will quickly be reversed.

Over the long run, the crowd is always wrong.