Money managers have to account for their actions to their shareholders, which means they have an undue fear of underperformance. We invest only our own money. Our investments are driven by optimism, not fear.

Money managers have to account for their actions to their shareholders, which means they have an undue fear of underperformance. We invest only our own money. Our investments are driven by optimism, not fear.

We're just very much a plain-vanilla, long-only investment fund.

We like investments where the risk is time, not price.

The market gives you the opportunity to arbitrage what the emotional investor will pay or sell at versus the fundamental value of a company, but you've got to pull the trigger promptly without hesitating. We've disciplined ourselves mentally and prepared ourselves in terms of information, as well as relationships with brokers, to do that.

We learned to build our emotional muscles, helping us make it through major market falls and grind through the trying times without losing our equilibrium.

By buying big - going narrow and deep, as opposed to a diversifying - you maximize your successes.