Golden Rules Of Value Investing

On Capital Preservation

"Rule No. 1: Never lose money. Rule No. 

2: Never forget rule No. 1."  — Warren Buffett

On Greed And Fear

"Be fearful when others are greedy, and greedy when  others are fearful." — Warren Buffett

Business Quality

"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett (credited to Charlie Munger's influence)

On Markets And Risk

"Only when the tide goes out do you discover who's been swimming naked."