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

Value investing is at its core the marriage of a contrarian streak and a calculator.

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.

Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.

Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not out of jealousy but out of respect and focus your efforts not on replicating others' portfolios but on looking for opportunities where they are not. The only way for investors to significantly outperform is to periodically stand far apart from the crowd, something few are willing, or able, to do.

All investors must come to terms with the relentless continuity of the investment process.

Short sellers age in dog years.