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" We call ourselves 'opportunistic value investors.' "

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" One of the best places to look for value is what I call 'babies thrown out with the bathwater' - in other words, scour the most out-of-favour sectors for good companies whose stocks have been crushed due to overblown concerns about the industry that do not, in fact, have an impact on the company. "

" We like to say we pray in the church of Graham, Dodd, Buffett, and Munger. "

" I have never believed that large-cap stocks are too well followed to be anything but efficiently priced. "

" While everyone would love to have that perfect portfolio of stocks that can be bought and held forever, it usually does not work out that way. Markets, technology, and businesses change too quickly to put portfolios on autopilot. "

" Because I'm a very public figure, everybody knows what my returns are. "

" There's a real company in Facebook and then a lot of pretenders riding their coat tails. "

" I love and celebrate good teachers, and it's critical that we do more to identify them and keep them happy and motivated. "

" My advice to most people is don't short stocks. It's a very, very difficult business. And you can really get clobbered. "

" Just because a company's future is highly uncertain doesn't mean an investment in it is risky. In fact, some of the best potential investments are highly uncertain but have little risk of permanent capital loss. "

" The potential rewards of small-cap investing do not come without risk. "

" Without doubt, timely and democratic access to financial and market information contributes to smoothly functioning financial markets. "

" Even the greatest companies encounter problems or otherwise fall out of favour. "

" There is no sure-fire way to get rich quickly. In fact, the pursuit of that usually leads to ruin. "

" If you look at the history of technology gadget makers, hardware makers, it's littered with the corpses of Palm and RIM and companies like that. "

" My experience is that very few people have what it takes to be a successful investor, as I discussed in The Arrogance of Stock Picking. "

" It's critical to have a disciplined investing approach and stick with it. "

" Humans are hard-wired to be irrational when it comes to financial decisions. We must understand that so we don't become the sucker at the poker table. "

" Many significant stock-price inefficiencies can occur when a company is spun off. "

" Assessing management quality is clearly one of the most important aspects of an investment decision. "

" I think most people agree with the idea of shared sacrifice, but for many, when push comes to shove, that principle goes out the window. "

" Mueller is the leading North American provider of water infrastructure and flow control products - things such as fire hydrants, valves, pipes, fittings, and couplings. While this is no doubt a mundane business, it is also an excellent one. "

" I'd say the general outline of a sound investment approach is, first of all, you have to decide are you going to try to be an investor yourself? The answer for most people is probably they shouldn't try. You should put your money in index funds and not try to be a stock picker. "

" To a large extent, equity investors put their hard-earned capital into the hands of management and count on it being employed skilfully and honestly. When that doesn't happen, losses typically follow. "

" The mark of a wise person isn't never making mistakes - everyone makes plenty of them. Rather, it's the ability to quickly admit - and fix - them! "

Making Mistakes

" Nirvana, to a value investor, is paying a cheap price for a company that is growing in value every year at a nice rate - this largely explains why today we own stocks like Berkshire Hathaway, McDonald's, Wal-Mart, Microsoft, Costco and Anheuser-Busch. "

" Dealing with uncertainty is always a key challenge for investors. But dealing with uncertainty doesn't mean avoiding it - on the contrary, it is often fuzziness about a company's future that creates the type of opportunity bargain-hunting investors cherish. "

" The key thing when you short is to make sure you're not wrong on the fundamental intrinsic value. "

" Early in my career, we were just pure bottoms-up stock pickers. "

" It's difficult to fix a truly broken business, but when it happens, the returns can be extraordinary. "

" There is a natural tendency for investors to devote a significant majority of their time to finding new ideas. After all, uncovering great companies selling at great prices is the lifeblood of successful investing. But in the never-ending quest for the next great idea, investors often give short shrift to their existing investments. "