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

Depressions aren't good but the depression mentality is good.

Value investing by its very nature is contrarian.

The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the probability of an adverse outcome-is partly inherent in its very nature. A dollar spent on biotechnology research is a riskier investment than a dollar used to purchase utility equipment. The former has both a greater probability of loss and a greater percentage of the investment at stake.

Excess capacity in people, machines, or property will be quickly absorbed.

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the stock market or economy. Value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not only through good times but also through turmoil.