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

One must understand the importance of an endless drive to get information and seek value.

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

As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to our clients for a quarter century-a dollar invested at inception in our largest fund is now worth over 94 dollars, a 20% net compound return. We have achieved this not by incurring high risk as financial theory would suggest, but by deliberately avoiding or hedging the risks that we identified.

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

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

Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value. Give reference to companies having good managements with a personal financial stake in the business. Finally, diversify your holdings and hedge when it is financially attractive to do so.