One of the big problems with growth investing is that we can't estimate earnings very well. I really want to buy growth at value prices. I always look at trailing earnings when I judge stocks.

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

Analysts have always been overly optimistic.

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

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

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.