Many LBOs are man-made disasters. When the price paid is excessive, the equity portion of an LBO is really an out-of-the-money call option. Many fiduciaries placed large amounts of the capital under their stewardship into such options in 2006 and 2007.

Never stop reading. History doesn't repeat, but it does rhyme.

It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.

We suppose that could be considered a hedged position for the awards committee, one that would never occur in the hard sciences such as physics and chemistry, where a prize shared among three with divergent views would be an embarrassing mistake or a bad joke. While a Nobel Prize might well be the culmination of a life’s work, shouldn’t the work accurately describe the real world?

Value investing is predicated on the efficient market hypothesis being wrong.

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

Do not suffer interim losses, relish and appreciate them