Active management strategies demand uncommon, hard-to-identify skills, as the majority of active managers fail to produce market-beating results.

Investors should pay attention to what they own, not simply to the overall return of their portfolio.

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