The beauty of value investing is its logical simplicity. It is based on two principles: What’s it worth (intrinsic value), and don’t lose money (margin of safety)."

- Christopher Browne

Defensive investing, insistence on value, and shying away from leverage – they’re all important. And much of the reason they’re important stems from the fact that so little of short-term performance is under our control.”

– Howard Marks

We believe that the tortoise beats the hare. A focus on the long run leads to better investment decisions than a reaction to short-term movements. Rational, incremental, proactive execution beats emotional, reactive trading.”

- Kim Shannon, The Value Proposition

Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

- Warren Buffett

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.

– Seth Klarman