We work really hard never to get confused with what we know from what we think or hope or wish.

The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.

We suppose that could be considered a hedged position for the awards committee, one that would never occur in the hard sciences such as physics and chemistry, where a prize shared among three with divergent views would be an embarrassing mistake or a bad joke. While a Nobel Prize might well be the culmination of a life’s work, shouldn’t the work accurately describe the real world?

Hold cash when opportunities are not presenting themselves.

I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.

By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.

Be focused on process and not outcome