Courage is a function of process.

Do not suffer interim losses, relish and appreciate them

Macro worries are like sports talk radio. Everyone has a good opinion which probably means that none of them are good.

It sounds kind of crazy, but in times of turmoil in the market, I've felt a sort of serenity in knowing that I've checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.

Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.

One thing I want to emphasize is that, like any human being, we can discuss our view of the economy and the market. Fortunately for our clients, we don't tend to operate based on the view. Our investment strategy is to invest bottom up, one stock at a time, based on price compared to value. And while we may have a macro view that things aren't very good right now - which in fact we feel very strongly we will put money to work regardless of that macro view if we find bargains. So tomorrow, if we found half a dozen bargains, we would invest all our cash.

The cost of performing well in bad times can be relative underperformance in good times.