Noise, noise, noise everywhere. Keep it simple. Begin with the end in mind. What are you trying to accomplish? Value investing is a big world. It’s really a framework that can be applied to any asset. Accept the fact that you won’t understand many – if not most – of these assets and how to value them. Develop the habit of not worrying about it. Focus on what you can do and be at peace. Filter out the chatter. There are people making a lot of money playing basketball, winning the lottery, writing screen plays, selling software, trading cocoa beans – the list goes on and on. You don’t (or shouldn’t) worry about these people, so why should you worry if another investor is able to make a bundle in potash and you don’t even know what it is? Invest with a margin of safety even if you must accept lower returns, particularly if you have already built up some wealth. Don’t go back to zero or take a major haircut. Don’t overreach. It’s easy to understand why using leverage is risky (although many still do it); investing in something you don’t understand is too.