Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity

The single greatest edge an investor can have is a long-term orientation.

Value investing is at its core the marriage of a contrarian streak and a calculator.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

Investment success cannot be captured in a mathematical equation or a computer program.

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

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.

The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent.

Even so, I think historians have more to offer than perspective on our present woes. The foreign country we call the past also lets us look beyond the horizons of what is, to see what could be.

...chuck-full of error, masturbation and Jesus.

Now I am past all comforts here but prayer.

The man of pleasure, by a vain attempt to be more happy than any man can be, is often more miserable than most men are.

Knowledge is more important than space.

The unselective knowledge drive resembles the indiscriminate sexual drive--signs of vulgarity!

Most books are bought by women.

Poems allow us not only to bear the tally and toll of our transience, but to perceive, within their continually surprising abundance, a path through the grief of that insult into joy.

The Beijing Olympics represent China's grand entrance onto the world stage and confirmation of its new superpower status.

Spending years studying at university only to find out at the end of it all that you're unemployable.