Favored stocks underperform the market, while out-of-favor companies outperform the market, but the reappraisal often happens slowly, even glacially.

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

Patience is a crucial but rare investment commodity.

Analysts have always been overly optimistic.

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.

I paraphrase Lord Rothschild: ‘The time to buy is when there's blood on the streets.'