Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

A value strategy is of little use to the impatient investor since it usually takes time to pay off.

Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be described by a single number. Intuitively we understand that risk varies from investment to investment: a government bond is not as risky as the stock of a high-technology company. But investments do not provide information about their risks the way food packages provide nutritional data.

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

Almost every financial blow up is because of leverage.

Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

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