Investors need to pick their poison: Either make more money when times are good and have a really ugly year every so often, or protect on the downside and don't be at the party so long when things are good.

You need humility to say 'I might be wrong.'

Generally, the greater the stigma or revulsion, the better the bargain.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

The real secret to investing is that there is no secret to investing.

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

We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science