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

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

Costs and liabilities are rarely overstated.

As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.

Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.

Almost every financial blow up is because of leverage.

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline