We are big fans of fear, and in investing it is clearly better to be scared than sorry.

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.

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

The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.

Buying's easier, selling's hard - [it's] hard to know when to get out.

Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.