We buy expecting to hold a bond to maturity and a stock forever.

We worry top-down, but we invest bottom-up

Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.

I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.

Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?

It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.