We continue to adhere to a common-sense view of risk - how much we can lose and the probability of losing it. While this perspective may seem over simplisticor even hopelessly outdated, we believe it provides a vital clarity about the true risks in investing.

Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.

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

Sometimes buying early on the way down looks like being wrong, but it isn't.

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

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

Bad things happen, but really bad things do not. Do buy the dips, especially the lowest quality securities when they come under pressure, because declines will quickly be reversed.