• Value investing is different from speculation
  • An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
• Value investing depends on the intrinsic value
• Value investors seek a margin of safety
• Think in terms of years or decades, not weeks or months
• Value investing requires a contrarian mindset
• Avoiding losses is the first priority
• Know what you own and why you own it
• Think like a business owner, because you are.
• Seek an "adequate return"

The signatures of the best companies I’ve invested in are remarkably similar:
- Compelling founders
- A mission that attracts talented people into the startup’s orbit
- A product so good that people spontaneously tell their friends about it
- A rapidly growing market,
- A network effect
- Llow marginal costs
- The ability to grow fast
- A product that is either fundamentally new or 10x better than existing options.