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

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.

A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.

There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.

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.

You probably would not choose to dine at a restaurant whose chef always ate elsewhere. I do eat my own cooking, and I don't "dine out" when it comes to investing.