Investing is a fun game and you want to find the people who are just smitten with it. I wouldn't say for the best ones that it's about the money it may fall off the back of the truck, but it's not at all why they play the game.

There's a virtuous cycle in people having to defend challenges to their ideas. Any gaps in thinking or analysis become clear pretty quickly when smart people ask good, logical questions. You can't be a good value investor without being an independent thinker you're seeing valuations that the market is not appreciating. But it's critical that [...]

If there's a disparity between price and value, we like to know when that might close up so we can figure out our expected rate of return. Having said that, some situations are just out-of-favor and cheap and there is no catalyst other than a change in people's perceptions, which usually happens within two or [...]

Value investing strategies have worked for years and everyone's known about them. They continue to work because it's hard for people to do, for two main reasons. First, the companies that show up on the screens can be scary and not doing so well, so people find them difficult to buy. Second, there can be [...]