What I learned from Ben Graham?
* That the market is a voting machine in the short-term and a weighing machine in the long term.
* Market is there to serve you, not to guide you.
* Analysis isn't conclusive - demand a margin of safety.
* You are neither right nor wrong because people agree with you; but because your data and reasoning is right.
* You are not buying or selling pieces of paper, but pieces of businesses.
What I learned from Buffett and Munger?
* Be greedy when others are fearful; and fearful when others are greedy.
* Invert, always invert - figure out ways you can ruin yourself and then stay away from them.
* It's better to buy wonderful businesses at a fair price, than to buy a fair business at wonderful prices.
* Don't look to jump over 7-foot bars: look around for 1-foot bars that you can step over.
* Price is what you pay. Value is what you get.
* Time is the friend of the wonderful company, the enemy of the mediocre.
* When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
* You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.
* I call investing the greatest business in the world because you never have to swing. You stand at the plate, the pitcher throws you General Motors at 47! U.S. Steel at 39! and nobody calls a strike on you. There's no penalty except opportunity lost. All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.
* The stock market is a no-called-strike game. You don't have to swing at everything--you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, 'Swing, you bum!'
What I am finding it hard to practice?
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
You only have to do a very few things right in your life so long as you don't do too many things wrong.