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

Be focused on process and not outcome

Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it.

Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.

Avoid organizing investment team into silos.

Short sellers age in dog years.

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