Sometimes buying early on the way down looks like being wrong, but it isn't.

To achieve long-term success over many financial market and economic cycles, observing a few rules is not enough. Too many things change too quickly in the investment world for that approach to succeed. It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.

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

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline

We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science

Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.