We buy assets at 60 cents on the dollar and wait. The market is a voting machine in the short term and a weighing machine in the long term. We wait for the weighing.
The best time to buy is when everyone else is selling in panic. The worst time to buy is when everyone else is buying in euphoria. This is obvious and almost nobody does it.
I insist on management that owns significant stock. If the CEO isn't eating his own cooking, I don't want to eat it either.
Memphis is a long way from Wall Street, and that's exactly where I want to be. The herd can't trample you if you're not running with it.
The line between conviction and stubbornness is only visible in the rearview mirror. I've been on both sides, and I can't always tell you which side I'm on until it's over.