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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.

contrariandiscipline— Allan Gray company founding principles, 1974
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The only way to achieve returns meaningfully different from the market is to make investments meaningfully different from the market.

active-investingcontrarian— Allan Gray investor communications, 2005
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We do not view volatility as risk. Risk is the probability of a permanent loss of capital.

riskvalue-investing— Allan Gray fund commentary, 2008
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Short-term underperformance is the price we pay for the prospect of long-term outperformance. We accept it willingly.

long-termpatience— Allan Gray annual investor letter, 2013
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The investor who chases recent performance is almost always buying at the wrong time and selling at the wrong time.

behavioural-financeinvesting— Allan Gray investor education materials, 2010