While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process is knowing where to look for opportunities

Investing today may well be harder than it has been at any time in our three decades of existence.

I think markets will never be efficient because of human nature.

When a government official says a problem has been "contained," pay no attention.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

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.

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.