Things trade at different values from their true worth because human beings look at them in certain ways in certain circumstances. Those ways and circumstances can change, so the tools you use and your thought processes have to evolve. The exact same thing doesn't always work over and over again the market's too smart for [...]

Perfect investments have three layers of return. The first layer is the short-term return to what I'd call static intrinsic value. The second one is when the business, strategy, and management turn out to be what you think they are and there's real value creation. The third layer, if you're really lucky, is when the [...]