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

Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity

Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one stock led him to a dozen other potential investments. To tirelessly pull threads is the lesson that I learned from Mike Price.

It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience, and reflection. It requires endless curiosity, the relentless pursuit of additional information, the raising of questions, and the search for answers. It necessitates dealing with imperfect information - knowing you will never know everything and that that must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt - keeping in mind the possibility that you could be wrong.

Value investing by its very nature is contrarian.

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

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