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Buying shares when they are out of favour and selling them when they become popular is simple to describe but requires discipline and patience to practise.
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The only way to achieve returns meaningfully different from the market is to make investments meaningfully different from the market.
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We do not view volatility as risk. Risk is the probability of a permanent loss of capital.
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Short-term underperformance is the price we pay for the prospect of long-term outperformance. We accept it willingly.
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The investor who chases recent performance is almost always buying at the wrong time and selling at the wrong time.