Hold cash when opportunities are not presenting themselves.

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

It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that I've checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.

Generally, the greater the stigma or revulsion, the better the bargain.

Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.

The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.

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