Never stop reading. History doesn't repeat, but it does rhyme.

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.

Having great clients is the key to investment success.

It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.

There is no amount of bad news that the markets cannot see past.

Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.

One must understand the importance of an endless drive to get information and seek value.