We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science

There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.

The avoidance of loss is the surest way to ensure a profitable outcome.

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

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.

Loss avoidance must be the cornerstone of your investment philosophy.