In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.

Hold cash when opportunities are not presenting themselves.

If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.

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.

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.

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

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.