Buying's easier, selling's hard - [it's] hard to know when to get out.

Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity market for a strong recovery, and gold for high inflation. Such an apparent disconnect is indefinitely sustainable.

Things that have never happened before are bound to occur with some regularity. You must always be prepared for the unexpected, including sudden, sharp downward swings in markets and the economy. Whatever adverse scenario you can contemplate, reality can be far worse.

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

Avoid organizing investment team into silos.

Typically, we make money when we buy things. We count the profits later, but we know we have captured them when we buy the bargain.

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.