Know what you own, and know why you own it.

In this business, if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

The key to making money in stocks is not to get scared out of them.

Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.

Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.

The most important thing is being attentive to cycles.

-- Howard Marks

You can't predict. You can prepare.

-- Howard Marks

Concentration is the key. If you believe in something, you should bet big on it.

-- Bruce Berkowitz

The bulls might be right that the company's accounting is fine, but they're asking us to take it on faith. We prefer to verify.

-- David Einhorn

You have to understand the business before you understand the stock.

-- Mario Gabelli

To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude and pays the greatest ultimate rewards.

-- John Templeton