Depressions aren't good but the depression mentality is good.

The cost of performing well in bad times can be relative underperformance in good times.

Almost every financial blow up is because of leverage.

When managers are afraid of redemptions, they get liquid. We all saw how many managers went from leveraged long in 2007 to huge net cash in 2008, when the right thing to do in terms of value would have been to do the opposite.

We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline

The avoidance of loss is the surest way to ensure a profitable outcome.