Owning an asset is not the same as following its price
Price is a market quotation. Ownership is a claim on future economic results. Confusing the two can cause long-term assets to be judged by short-term movement.
A margin of safety is a decision tool
Forecasts are uncertain. A margin of safety allows for error in assumptions without pretending to eliminate risk.
Reliable income begins with durable cash flow
A high distribution is not automatically dependable. Sustainability depends on underlying cash flows, debt and payout policy.
The annual letter
Writing an annual note to oneself creates accountability and clarifies what changed, what did not and why the portfolio still exists.