Risk means more things can happen than will happen.

investingriskThe Most Important Thing

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

humorinvestingThe Most Important Thing

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

contrarianmarketsVarious memos

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

fundamentalspriceThe Most Important Thing

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

marketspriceThe 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.

contrariandisciplineVarious memos