Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.

Value investing is at its core the marriage of a contrarian streak and a calculator.

There are no long-term lessons - ever.

Be indifferent if you lose your short term clients, remember they are your own worst enemy

A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.

My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward over time-as the saying goes, stocks are for the long run.

Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?