The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

Courage is a function of process.

Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.

I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.

The real secret to investing is that there is no secret to investing.

Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.