The best investment opportunities are often scary.

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

The best investment opportunities are often scary.

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

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

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

Diversify. But carve out 10 to 20 percent for the most unloved part of the market: emerging markets value.