The time of maximum pessimism is the best time to buy and the time of maximum optimism is the best time to sell.

You can't wait for an opportunity to become obvious.

No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.

All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock

It can be very expensive to try to convince the markets you are right.

Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others which they know nothing about.