One must understand the importance of an endless drive to get information and seek value.

Always look for forced urgent selling.

One must understand the importance of an endless drive to get information and seek value.

Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.

Never stop reading. History doesn't repeat, but it does rhyme.

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

Interestingly, we have beaten the market quite handsomely over this time frame, although beating the market has never been our objective. Rather, we have consistently tried not to lose money and, in doing so, have not only protected on the downside but also outperformed on the upside.