The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

The cost of performing well in bad times can be relative underperformance in good times.

Be focused on process and not outcome

It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.

The best protection against risk is knowing what you are doing.

Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.

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