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.

Investing is the intersection of economics and psychology.

We work really hard never to get confused with what we know from what we think or hope or wish.

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.

People should be highly sceptical of anyone's including their own, ability to predict the future, and instead pursue strategies that can survive whatever may occur.

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.

Many LBOs are man-made disasters. When the price paid is excessive, the equity portion of an LBO is really an out-of-the-money call option. Many fiduciaries placed large amounts of the capital under their stewardship into such options in 2006 and 2007.