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.

Investing today may well be harder than it has been at any time in our three decades of existence.

The single greatest edge an investor can have is a long-term orientation.

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

Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.

It's incredibly important to note that when you don't allow failure, you get more failure.

The avoidance of loss is the surest way to ensure a profitable outcome.