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Value investing is at its core the marriage of a contrarian streak and a calculator.
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Risk is not inherent in an investment; it is always relative to the price paid.
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The single greatest edge an investor can have is a long-term orientation in a market dominated by short-term thinking.
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Successful investing requires patience, discipline, and a tolerance for uncertainty. It also helps to have a sense of humor.
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You can't fully appreciate the value of cash until you see something to buy at a terrific price and don't have it.