Investing is the intersection of economics and psychology.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.

If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.

Courage is a function of process.

Excess capacity in people, machines, or property will be quickly absorbed.

While no one wishes to incur losses, you couldn't prove it from an examination of the behavior of most investors and speculators. The speculative urge that lies within most of us is strong; the prospect of a free lunch can be compelling, especially when others have already seemingly partaken. It can be hard to concentrate on potential losses while others are greedily reaching for gains and your broker is on the phone offering shares in the latest "hot" initial public offering. Yet the avoidance of loss is the surest way to ensure a profitable outcome.