One can't be a successful investor without a healthy dose of confidence. To commit your own and others' hard-earned capital requires conviction, and conviction requires confidence. But as with fine brandy or coffee ice cream, too much of a good thing can be problematic.

Assessing management quality is clearly one of the most important aspects of an investment decision.

There is a natural tendency for investors to devote a significant majority of their time to finding new ideas. After all, uncovering great companies selling at great prices is the lifeblood of successful investing. But in the never-ending quest for the next great idea, investors often give short shrift to their existing investments.

Parents are, of course, most important in shaping their children's lives, but teachers are critically important as well. Who among us doesn't look back on a few great teachers who inspired us, opened up new worlds, and helped make us who we are?

I think most people agree with the idea of shared sacrifice, but for many, when push comes to shove, that principle goes out the window.

Shorting saved my butt in 2008... Shorting kept me in the game. It generates cash when the market's crashing. And that's what you want when the market's crashing - cash.

Netflix is a better company with more upside than we had given it credit for than when we shorted it.

The key thing when you short is to make sure you're not wrong on the fundamental intrinsic value.

Well-managed companies with independent boards have nothing to fear from activist shareholders.

The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for dollar bills that you can buy for 50 cents or at some big discount - that is universal to value investing.