Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.

While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.

We buy expecting to hold a bond to maturity and a stock forever.

My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward over time-as the saying goes, stocks are for the long run.

Generally, the greater the stigma or revulsion, the better the bargain.

Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.