There are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.

We don't deal in absolutes. We deal in probabilities.

If another person were to enter the building, it would once again be empty.

We are big fans of fear, and in investing it is clearly better to be scared than sorry.

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

The trick of successful investors is to sell when they want to, not when they have to.

The cost of performing well in bad times can be relative underperformance in good times.