The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.

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

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

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

My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward over time-as the saying goes, stocks are for the long run.

Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.

Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.