What is the pie worth? 
How will it be split up among claimants? 
How long will it take? 
It is never over – the cycle continues; investors must understand the cyclical nature of markets and the economy 
No good or bad investments – just bad timing and bad prices 
Shortness of memory is an amazing feature of financial markets 
Tenets of Oaktree Capital Management 

1. The primacy of risk control 
Superior investment performance is not our primary goal, but rather superior performance with less-than-commensurate risk. Above average gains in good times are not proof of a manager's skill; it takes superior performance in bad times to prove that those good-time gains were earned through skill, not simply the acceptance of above average risk. Thus, rather than merely searching for prospective profits, we place the highest priority on preventing losses. It is our overriding belief that, especially in the opportunistic markets in which we work, "if we avoid the losers, the winners will take care of themselves." 

Eoin Treacy's view

Here is a link to the full report.

Saying “buy low, sell high” is simple to say but a lot more difficult in practice. While each of these famous investors has their own individual take on how best to achieve investment goals there, but there are a number of topics just about all of them cover. 

The first is to avoid being sucked into hype particularly following an already impressive advance. That makes sense since if something has gone up a lot already then you are relying on momentum to supply additional buyers to whom you can eventually sell your position. It’s a trader’s strategy rather than an investor’s. 

The second is to have cash available for the times when favourable assets are on sale. That can be because of contagion selling following a crash, a war scare, political upheaval, management issues or any other of a number of different potential short to medium-term bearish catalysts. 

The third is related to both of the above and it is to only pay a reasonable price is paid by ensuring all of a company’s growth in earnings has not already been priced in. Quite apart from fundamental metrics that suggests we should have at least some conception of the broad thematic perspective since expectations for further growth are always forward looking and therefore are at best guesses. The only way we can know if a trend of demand dominance continues to attract new buyers is to identify its consistency characteristics.