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We are not contrarian for the sake of being contrarian. We are contrarian because the best values are found where others are not looking.
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We think like business owners not stock traders. We ask what would a rational buyer pay for this entire company.
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The definition of value has to evolve. A company growing at 20 percent trading at 15 times earnings is a value stock whether the market calls it one or not.
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Short-term price movements tell you almost nothing about the long-term value of a business.
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Our goal is to buy a dollar of value for 60 cents. When we find that we buy a lot of it.
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The hardest part of value investing is holding on when the market disagrees with you for years at a time.