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

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

By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.

The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.

There are no long-term lessons - ever.

While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process is knowing where to look for opportunities

Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron's, every week in dozens of market newsletters, and whenever business people get together. In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a purely speculative undertaking.