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

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

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

If another person were to enter the building, it would once again be empty.

At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.

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

Loss avoidance must be the cornerstone of your investment philosophy.