It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.

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.

Benjamin Graham wrote, "Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap."

I think markets will never be efficient because of human nature.

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.

Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.