When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement. Real or imagined concerns about client redemptions, employee defections can greatly influence behavior away from rational.

Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

The government can indefinitely control both short-term and long-term interest rates.

A tipping point is invisible, as we just saw in Greece. In most situations, everything appears fine until it's not fine, until, for example, no one shows up at a Treasury auction.

Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.

I don't have a Bloomberg on my desk. I don't care.

One must understand the importance of an endless drive to get information and seek value.