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.

I buy stocks when they are battered. I am strict with my discipline. I always buy stocks with low price-earnings ratios, low price-to-book value ratios and higher-than-average yield. Academic studies have shown that a strategy of buying out-of-favor stocks with low P/E, price-to-book and price-to-cash flow ratios outperforms the market pretty consistently over long periods of time.

A good starting point [in the measurement of investment risk] is the preservation and enhancement of your purchasing power in real terms.

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

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.

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