History teaches that when valuations are extreme, "mean reversion," a move towards historical norms, is likely. Once value stocks turn, the recovery can be fast and intense.

Whatever is newly expensive has two attributes: wonderful past returns and, in most cases, lousy future returns.

Whatever is cheap became cheap by treating us badly in the past, but is priced to deliver superior returns.

The best investment opportunities are often scary.

The most treasured asset in investment management is a steady hand at the tiller.

Successful contrarian investing requires us to live with discomfort, for being "wrong" and alone. But bargains do not exist in the absence of fear.

Design a portfolio you are not likely to trade... akin to premarital counseling advice; try to build a portfolio that you can live with for a long, long time.