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

The trick of successful investors is to sell when they want to, not when they have to.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

When a government official says a problem has been "contained," pay no attention.

Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees against superior performance.

Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing.

Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.