Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.

You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.

Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.

When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.

There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.

The share price must be less than book value. Preferably it will be less than net working capital less long term debt.

Protect the downside. Worry about the margin of safety.

Sooner or later, the market will do what it has to do to prove the majority wrong.

If it is cheap enough, we don't care what it is.

There are no words for so much loss, not right after it happens.

The moment one discovers one's true purpose in life, one will never dare to live one's life trying to impress others or worrying about what others think.

Home is everything you can walk to.

If you don't have a record to run on, you paint your opponent as someone to run from.

You're mad 'cause my style you're admiring. Don't be mad, UPS is hiring.

Why can't we for once have a meeting in Starbucks?

Remember to let her into your heart.

The [Kodak is] the only witness I have encountered in my long experience that I couldn't bribe.

My joking answer to this question is that I leave a bowl of milk out on the back porch every night for the Idea Fairy. In the morning, the milk is gone and there's a brand-new shiny idea by the bowl.

Real Americans don't back down.