The way to maximize outcome is to focus on the process.

Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

We buy expecting to hold a bond to maturity and a stock forever.

Depressions aren't good but the depression mentality is good.

Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at another it's a hold, and at another it's a sell.