… securities trade in an auction market that has inherent inefficiencies.
… opportunities to make successful investments in good businesses and managers exist regardless of market direction.
… most of the best investments are accompanied by higher levels of discomfort when initiated.
… there is often an inverse relationship between the popularity of a security and its value.
… undervalued companies with identifiable earnings growth catalysts offer significant absolute returns without excessive risk.
… investment risk is viewed as overpaying for a business or incorrectly projecting its future earnings.
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