Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration of their assets. Borrowers must always remember that capital markets can be extremely fickle, and that it is never safe to assume a maturing loan can be rolled over. Even if you are unleveraged, the leverage employed by others can drive dramatic price and valuation swings; sudden unavailability of leverage in the economy may trigger an economic downturn.

The government can indefinitely control both short-term and long-term interest rates.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

Short sellers age in dog years.

We are big fans of fear, and in investing it is clearly better to be scared than sorry.

When people give away stocks based on forced selling or fear that is usually a great opportunity.

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