The late 90s almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane.

I hated discussing ideas with investors, because then I become a Defender of the Idea, and that influences your thought process.

When I stand on my special-issue "Intelligent Investor" ladder and peer out over the frenzied crowd, I see very few others doing the same. Many stocks remain overvalued, and speculative excess - both on the upside and on the downside - is embedded in the frenzy around stocks of all stripes. And yes, I am talking about March 2001, not March 2000.

The borrowers will always be willing to take a great deal for themselves. It’s up to the lenders to show restraint, and when they lose it, watch out.

If you are going to be a great investor, you have to fit the style to who you are.

My positioning with my investors was always, I need three to five years.

The late 90s almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane.