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.

Value investing is risk aversion.

Almost every financial blow up is because of leverage.

Courage is a function of process.

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

The trick of successful investors is to sell when they want to, not when they have to.

The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.