One thing we may do a bit differently from others is that once we've identified a stock as something in which we're interested, my two partners and I will all separately look at the valuation and arrive independently at what we think we ought to pay, based on the potential upside and, as importantly, the [...]

The market is extremely noisy, but you just can't let that distract you from your discipline and your framework. We've said this since we started out: The market is really just a pendulum that forever swings between unsustainable optimism, which makes stocks too expensive, and unjustified pessimism, which makes them too cheap. All we're trying [...]