Excess capacity in people, machines, or property will be quickly absorbed.

When people give away stocks based on forced selling or fear that is usually a great opportunity.

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

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

The prevailing view has been that the market will earn a high rate of return if the holding period is long enough, but entry point is what really matters.

Sometimes buying early on the way down looks like being wrong, but it isn't.

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.