Mark Sellers

“The first priority is to avoid permanent loss of capital.”

“Risk is not volatility; risk is paying too much for a business”

“Good investing requires humility and patience.”

“Price matters more than stories”

“A great business bought at the wrong price can be a poor investment”

“Margin of safety is not optional.”

“Concentration is earned through knowledge, not conviction alone.”

“Few positions, deeply understood, reduce error.”

“Diversification cannot protect against ignorance.”

“Leverage removes the ability to wait.”

“Debt turns mistakes into disasters”

“Survivability is the foundation of compounding.”

“We don’t need to predict the future — we need to prepare for it.”

“Consistency of process matters more than precision of forecasts.”

“Emotional control is an edge.”