In addition to giving rise to profit potential, buying when price is below value is a key element in limiting risk. Neither paying up for high growth nor participating in a “hot” momentum market can do the same.”

Growth stocks are very volatile and tend to lose a lot of value in downturns. This gives them a large speculative component because while large amounts of money can be made by buying and selling at the right time, this is hard to do. Holding on too long will result in poor returns."

It (Value investing) is conservative, it is fundamental. And not speculative. And low and behold because you’re not doing what everybody else is doing in Bay Street, in Wall Street, you have a very good chance for success.”

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)."

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.”

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.”