Short sellers age in dog years.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.

Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.

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

Investment success cannot be captured in a mathematical equation or a computer program.

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