The Most Important Thing: Uncommon Sense for the Thoughtful Investor

1. Paying below value lowers risk and increases return.
2. Look for good buys, not good assets.
3. Exploit the big swings: economies, markets, and emotions.
4. Risk aversion and skepticism is healthy for markets.
5. Don’t waste time on predicting - we suck at it. Focus on risk control.
6. Practice defensive investing. Avoid the losers, and the winners will take care of themselves.