When you buy bargains and they become better bargains, it is easy to start to question yourself, which can impair your judgement. Real or imagined concerns about client redemptions, employee defections can greatly influence behavior away from rational.

Investment success cannot be captured in a mathematical equation or a computer program.

Value investing by its very nature is contrarian.

We work really hard never to get confused with what we know from what we think or hope or wish.

Always look for forced urgent selling.

Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.

We worry top-down, but we invest bottom-up