Philosophy of value investing. Need to have clear strategies too.

Buffett's first two rules of value investing:

1) Don't Lose Money

2) Never Forget Rule #1

While it is easy to say these rules, by themselves they don't help investors. 

The future is uncertain. 

These are always unknown:

• future GDP growth rates, 
• inflation rates, and 
• other relevant factors to stock price returns. 

Furthermore, stocks are junior securities to debt and other firm obligations, making their future values even more uncertain. 

Stocks are certainly not risk free.

The investors need to have clear strategies, which they can follow, that will help them follow the above rules of Buffett's.

Read also:

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