Courage is a function of process.

When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment.

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.

A value strategy is of little use to the impatient investor since it usually takes time to pay off.

Investing today may well be harder than it has been at any time in our three decades of existence.

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

Always remembering that we might be wrong, we must contemplate alternatives, concoct hedges, and search vigilantly for validation of our assessments. We always sell when a security's price begins to reflect full value, because we are never sure that our thesis will be precisely correct.