I wasn't wrong, I was just early.

People want an authority to tell them how to value things, but they choose this authority not based on facts or results.

The late 90s almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane.

The most important thing is being attentive to cycles.

-- Howard Marks

You can't predict. You can prepare.

-- Howard Marks

I try to invest in companies where the downside is limited and the upside is significant.

-- Bruce Berkowitz

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

The key to investing is figuring out what something is worth and paying less for it.

-- Mario Gabelli