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.

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

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.

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.

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.