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.

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.

As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.

All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come

There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.

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

Generally, the greater the stigma or revulsion, the better the bargain.