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

We don't deal in absolutes. We deal in probabilities.

Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.

Value investing is risk aversion.

Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

The way to maximize outcome is to focus on the process.

It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.