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

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

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

The best investment opportunities are often scary.

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.

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