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.

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

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.

All we try to do is buy a dollar for 40 cents.

Look! A trickle of water running through some dirt! I'd say our afternoon just got booked solid!

Achieving success is like hitting a moving target. Both require accuracy, the ability to counteract external factors and adjusting the sight when necessary.

There is no room for legal hair-splitting when it comes to the humane treatment of detainees - not in a nation founded on the rule of law and respect for human rights.

The heart bowed down by weight of woe to weakest hope will cling.

I'm a big fan of the Mars Bar Diet. You don't eat the Mars bar, you stick it up your arse and let a rottweiler chase you home.

The weapons of war must be abolished before they abolish us.

Your gift to God is honesty. God's gift to you is truth.

...first check whether the market as a whole is rising or falling. In other words, are you in a bull market or bear market? If the latter, stay out. The odds are against you.

LIVE. If you live, god will live with you. If you refuse to run his risks, he'll retreat to that distant heaven and be merely a subject for philosophical speculation.

When my cats aren't happy, I'm not happy. Not because I care about their mood but because I know they're just sitting there thinking up ways to get even.