There aren’t always great things to do, and sometimes we maximize our contribution by being discerning and relatively inactive. Patient opportunism –… - Howard Marks

If you've settled on the value approach to investing and come up with an intrinsic value for a security or asset, the next important thing is to hold it firmly. That's because in the world of investing, being correct about something isn't at all synonymous with being proved correct right away.

•Scepticism and pessimism aren’t synonymous. Scepticism calls for pessimism when optimism is excessive. But it also calls for optimism when pessimism is excessive.

No asset class or investment has the birthright of a high return. An asset is only attractive if it’s priced right.