Whatever the environment we try to remain humble, which means maintaining our discipline of buying only great companies with strong balance sheets when they're priced with a wide margin of safety. It's when you're not humble that you end up doing things that will make you humble.

Our bias toward buying and holding has at times made us too quick to rationalize a problem that hits one of our companies as temporary and already priced into the stock. If the problem turns out to be more long term and fundamental, it's likely not fully discounted into the current price at all. We've [...]