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

Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

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

One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school

Hold cash when opportunities are not presenting themselves.

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