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

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

Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule." I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.

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

If you've just stared into the abyss, quickly forget it: the lessons of history can only hold you back.

Always look for forced urgent selling.

Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.