Benjamin Graham wrote, "Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap."

Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with the penalties for poor short-term performance, the long-term view may well be from the unemployment line ... Relative-performance-oriented investors really act as speculators. Rather than making sensible judgments about the attractiveness of specific stocks and bonds, they try to guess what others are going to do and then do it first.

Investment success cannot be captured in a mathematical equation or a computer program.

Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.

Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

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

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