Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.

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

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

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.

Be indifferent if you lose your short term clients, remember they are your own worst enemy

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

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.