If the market were way over priced, I wouldn't own any stocks.

Graham liked the idea of protection on the downside.

I like the idea of company-paid dividends.

You have to be a little aware of the emotions of the people who have invested with you.

Don't be afraid to be a loner but be sure that you are correct in your judgement.

Be aware of the level of the stock market. Are yields low and PE ratios high?

Making a decision to sell is the most difficult thing we do.