Value investing is predicated on the efficient market hypothesis being wrong.

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.

If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.

Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.

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

When a government official says a problem has been "contained," pay no attention.

All investors must come to terms with the relentless continuity of the investment process.