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" It's difficult to fix a truly broken business, but when it happens, the returns can be extraordinary. "

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" The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for dollar bills that you can buy for 50 cents or at some big discount - that is universal to value investing. "

" The key thing when you short is to make sure you're not wrong on the fundamental intrinsic value. "

" It's critical to have a disciplined investing approach and stick with it. "

" One can't be a successful investor without a healthy dose of confidence. To commit your own and others' hard-earned capital requires conviction, and conviction requires confidence. But as with fine brandy or coffee ice cream, too much of a good thing can be problematic. "

" You just have to approach every day and say, 'If you were starting fresh today, what would my portfolio look like?' So that's how we think about it. "

" Even the greatest companies encounter problems or otherwise fall out of favour. "

" There is no sure-fire way to get rich quickly. In fact, the pursuit of that usually leads to ruin. "

" The mark of a wise person isn't never making mistakes - everyone makes plenty of them. Rather, it's the ability to quickly admit - and fix - them! "

Making Mistakes

" We call ourselves 'opportunistic value investors.' "

" As in most subjects relating to money management, there's a wide diversity of opinion on portfolio concentration versus diversification. "

" In the game of politics, both parties are sometimes guilty of passing really stupid laws that, in reality, are purely symbolic and have no real impact on anyone. "

" Well-managed companies with independent boards have nothing to fear from activist shareholders. "

" If you look at the history of technology gadget makers, hardware makers, it's littered with the corpses of Palm and RIM and companies like that. "

" While there's always plenty of room for improvement, our government is actually quite effective and efficient. Our military and judicial systems and national parks are the best in the world. Unlike in countries where government corruption is rampant, I've never once been solicited for a bribe. "

" If I bring to light a company that's poisoning customers, defrauding investors, or something like that... there just aren't enough regulators in the world to keep up with all of the fraud and malfeasance that goes on out there, particularly in the little nooks and crannies of the market. "

" I am part of the 1 percent of the 1 percent. By that, I mean that I am fortunate to be a wealthy American, and I say, 'It's okay to raise my taxes.' "

" When reviewing one's portfolio, it is important to be aware of common mental mistakes that may lead to bad decisions. The most powerful is commitment bias, which, as manifested in investing, is the tendency to fall in love with one's stocks. "

" We like to say we pray in the church of Graham, Dodd, Buffett, and Munger. "

" I have encountered thousands of value investors over the years and am constantly struck by their differences - and their similarities. "

" Dealing with uncertainty is always a key challenge for investors. But dealing with uncertainty doesn't mean avoiding it - on the contrary, it is often fuzziness about a company's future that creates the type of opportunity bargain-hunting investors cherish. "

" While everyone would love to have that perfect portfolio of stocks that can be bought and held forever, it usually does not work out that way. Markets, technology, and businesses change too quickly to put portfolios on autopilot. "

" No one would suggest completely ignoring news about your investments. Enron investors, for example, would have been well served to sell once early reports of accounting irregularities surfaced. But the key is to keep news in context and act only if further reflection or study indicates that the core thesis for an investment has changed. "

" There's a real company in Facebook and then a lot of pretenders riding their coat tails. "

" Small-company stocks, like any asset class, can get picked over from time to time, but there are fundamental reasons why diligently mining them with an eye for unrecognised value can get market-beating returns. "

" When it comes to owning stocks of the best-known businesses in the world, value investors usually feel like children looking through the window of the candy store, unable to afford the treats inside because they refuse to pay the prices such high-quality franchises typically bear. "

" There is a natural tendency for investors to devote a significant majority of their time to finding new ideas. After all, uncovering great companies selling at great prices is the lifeblood of successful investing. But in the never-ending quest for the next great idea, investors often give short shrift to their existing investments. "

" There are far too many ineffective teachers and, in particular, far too many truly terrible teachers who are harming children and poisoning the system. "

" Without doubt, timely and democratic access to financial and market information contributes to smoothly functioning financial markets. "

" Early in my career, we were just pure bottoms-up stock pickers. "

" I think most people agree with the idea of shared sacrifice, but for many, when push comes to shove, that principle goes out the window. "