He’s encouraging a kind of groupthink or social proofing. He tells us that everyone he talks to says there’s more reason for anxiety than in recent memory. He is inviting us to believe it is true.
A lot of people talk about patience, discipline, and courage, but curiosity is one of the reasons great investors find the things they do, and it is also consistent with being a contrarian
If I have to bite at stuff that is out of my happy zone, I’m not a .334 hitter
Doing what everybody else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all
So we search for those things that other people are selling and then if the problem or adverse outlook is temporary we buy them and hold them patiently for years until the public changes its mind.
Using trailing twelve months earnings that are impacted by a recession is a mistake
The moral courage to act ‘in opposition to the crowd’ when your judgement tells you are right
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