One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the market. Fortunately for our clients, we don't tend to operate based on the view. Our investment strategy is to invest bottom up, one stock at a time, based on price compared to value. And while we may have a macro view that things aren't very good right now - which in fact we feel very strongly we will put money to work regardless of that macro view if we find bargains. So tomorrow, if we found half a dozen bargains, we would invest all our cash.

Always look for forced urgent selling.

Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under pressure, because declines will quickly be reversed.

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.

A simple rule applies: if you don't quickly comprehend what a company is doing, then management probably doesn't either.

When people give away stocks based on forced selling or fear that is usually a great opportunity.

Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.