Demanding immediate success invariably leads to playing the fads or fashions currently performing well rather than investing on a solid basis. A course of investment, once charted, should be given time to work out. Patience is a crucial but rare investment commodity.

Experience teaches us that when "everyone" comes to the same conclusion, that conclusion is just about always wrong.

If you have good stocks and you really know them, you'll make money if you're patient over three years or more.

Nobody beats the market, they say. Except for those of those of us who do.

Psychology is probably the most important factor in the market - and one that is least understood.

We invest in undervalued companies that exhibit strong fundamentals, above-market dividend yields and historic earnings growth, which our analysis indicates will persist. Our strategy is to own strong, fundamentally sound companies and to avoid speculative stocks or potential bankruptcies.

History constantly reminds us that in an uncertain world there is no visibility of prospects. Future earnings cannot be predicted with accuracy.