Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.

Price is what you pay. Value is what you get.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Our favorite holding period is forever.

Risk comes from not knowing what you're doing.

The most important thing is being attentive to cycles.

-- Howard Marks

You can't predict. You can prepare.

-- Howard Marks

Being too far ahead of your time is indistinguishable from being wrong.

-- 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