Analysts recommendations may not produce good results. In part this is due to the pressure placed on these analysts to recommend frequently rather than wisely.

Costs and liabilities are rarely overstated.

The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.

There is no amount of bad news that the markets cannot see past.

In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.

Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.

Do not suffer interim losses, relish and appreciate them