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

Value investing is predicated on the efficient market hypothesis being wrong.

Investing today may well be harder than it has been at any time in our three decades of existence.

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.

Value investors have to be patient and disciplined, but what I really think is you need not to be greedy. If you're greedy and you leverage, you blow up. Almost every financial blow up is because of leverage.

Markets need not be in sync with one another. Simultaneously, the bond market can be priced for sustained tough times, the equity market for a strong recovery, and gold for high inflation. Such an apparent disconnect is indefinitely sustainable.

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient