Why should the immediate opportunity set be the only one considered, when tomorrow's may well be considerably more fertile than today's?

While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process is knowing where to look for opportunities

Many LBOs are man-made disasters. When the price paid is excessive, the equity portion of an LBO is really an out-of-the-money call option. Many fiduciaries placed large amounts of the capital under their stewardship into such options in 2006 and 2007.

Courage is a function of process.

We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science

If another person were to enter the building, it would once again be empty.

Avoid organizing investment team into silos.