So one way to create an attractive risk/reward situation is to limit downside risk severely by investing in situations that have a large margin of sa….

Here is part of the tradeoff with diversification. You must be diversified enough to survive bad times or bad luck so that skill and good process can….

I think the exercise of trying to figure out how to simplify concepts has been incredibly helpful to me over the last 13 years of teaching and I hope….

The big picture is: the main thing you should be concerned about in the future are incremental returns on capital going forward. As it turns out, pas….

The more confidence I have in each one of my stock picks, the fewer companies I need to own in my portfolio to feel comfortable..

I don't know too many people that are good at timing the market relative to macro-economic events..

It just seems logical that sticking to investing in only a small number of companies that you understand well, rather than moving down the list to yo….

The secret to investing is to figure out the value of something - and then pay a lot less..

Something out of the ordinary course of business is taking place that creates an investment opportunity. The list of corporate events that can result….

Figure out what something is worth and pay a lot less..

We are busy surviving, herding, fixating on what just happened, and being overconfident!.

I still believe that for good business analysts a concentrated portfolio is a good strategy combined with a long term horizon. Once again, the secret….

If you spend your energies looking for and analysing situations not closely followed by other informed investors, your chance of finding bargains gre….

Over the long term, despite significant drops from time to time, stocks (especially an intelligently selected stock portfolio) will be one of your be….

Remember, it’s the quality of your ideas not the quantity that will result in the big money..

My goal is to buy a company at a low multiple to normal earnings power several years out and that the company earns good returns on capital at that l….

Value investing doesn't always work. The market doesn't always agree with you. Over time, value is roughly the way the market prices stocks, but over….

Look down, not up, when making your initial investment decision. If you don’t lose money, most of the remaining alternatives are good ones..

If I plug my estimates into the Magic Formula, and it comes out cheap, that's good..

There’s a virtuous cycle when people have to defend challenges to their ideas. Any gaps in thinking or analysis become clear pretty quickly when smar….

The way we make money as a group is that we don't pay a lot for anything, and most of the stocks we buy have low expectations..