By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.

Always look for forced urgent selling.

When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.

Value investing by its very nature is contrarian.

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.

Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity

When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are focusing on risk.