Risk means more things can happen than will happen.

riskuncertaintyThe Most Important Thing

The most important thing is... well, actually there are many important things.

investinghumorThe Most Important Thing

Being too far ahead of your time is indistinguishable from being wrong.

timingcontrarianVarious memos

The key is not to find good assets, but to find good assets at prices below their intrinsic value.

value investingpriceThe Most Important Thing

Superior investors are those who have a better sense for what's in the price.

second-level thinkingmarketsThe Most Important Thing

The market has a tendency to go to extremes in both directions. Your job is to profit from that tendency, not participate in it.

market cyclesdisciplineVarious memos