Wall Street tends to overreact when it gets worried about earnings.
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When people are looking for performance they sharpen their pencils and find reasons to buy.
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I learned how to work on what’s cheap. I became a total believer. To this day I think that is the only way to invest.
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You know, we make mistakes. Some go from 12 to 10 and we sell them. Some go from 20 to nothing. In a 10-year period, you are going to have one or two that go from 20 to nothing. If you have more, it is bad.
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It’s not the answers that make you good in this business, it’s the questions you ask. If you ask the right questions you will always find out more than the next guy.
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The goal is to make good returns with less risk. Risk is not the same as volatility. It’s very hard to measure risk.
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My mission isn’t to make money in bull markets. My mission is to preserve capital.
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