Almost every financial blow up is because of leverage.

Avoid organizing investment team into silos.

All an investor can do is follow a consistently disciplined and rigorous approach; over time the returns will come

While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.

Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.

We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it. While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.

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