Do not suffer interim losses, relish and appreciate them

The near absence of bargains works as a reverse indicator for us. When we find there is little worth buying, there is probably much worth selling.

You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and somebody wants to sell this to me and I know more than everybody else so I am going to stand here and buy it. I am going to pay an 1/8th more than the next guy wants to pay and buy it. That's arrogant. And you need the humility to say 'but I might be wrong.' And you have to do that on everything

Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don't.

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

Flexible approach - will look at ALL asset classes.

We don't deal in absolutes. We deal in probabilities.