Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.

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

Courage is a function of process.

One of the biggest challenges in investing is that the opportunity set available today is not the complete opportunity set that should be considered. Limiting your opportunity set to the one immediately at hand would be like limiting your spouse to the students you met in high school

If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.

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

A value strategy is of little use to the impatient investor since it usually takes time to pay off.