Short selling is intellectually much harder than going long. You need to have a thesis, and you also need the courage to stick with it when things go against you.

I try to learn from every mistake. When we lose money, I want to understand exactly why we lost it.

The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.

-- Bertrand Russell

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

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