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It is important for investors to understand what they do and don't know. Learn to recognize that you cannot possibly know what is going to happen in the future, and any investment plan that is dependent on accurately forecasting where markets will be next year is doomed to failure.

Investors have to ask themselves two questions. How much can we grow our investments? And, can we afford our mistakes?

Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical.

There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.

I have learned that nothing is certain except for the need to have strong risk management, a lot of cash, the willingness to invest even when the future is unclear, and great people.

Investing is about making probabilistic decisions with limited information about an unknowable future. The variables are well known, as are the possible outcomes.

Rather than engage in the sort of selective retention that so many investors tend to do and pretend mistakes never happened, I prefer to 'own' them. This allows me to learn from them and, with any luck, avoid making the same errors again.

Look: invest in what you understand, what's foreseeably going to offer real value and returns, not necessarily what's trendy.

People are very reluctant to invest unless they know it's going to be a sure thing, and let's face it: film is never a sure thing.

Investing is a business where you can look very silly for a long period of time before you are proven right.