There is no amount of bad news that the markets cannot see past.

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

My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.

Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don't.

Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

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

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.