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.

Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.

If another person were to enter the building, it would once again be empty.

Never stop reading. History doesn't repeat, but it does rhyme.

Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.

The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.