You must buy on the way down. There is far more volume on the way down than on the way back up, and far less competition among buyers. It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.

Great investments don't just knock on the door and say "buy me".

Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.

We don't deal in absolutes. We deal in probabilities.

Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.

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

All investors must come to terms with the relentless continuity of the investment process.