"Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement in valuations that occurs as doggy stocks become less doggy over time."

“Investing is not a destination. It is an ongoing journey through its four continents - theory, history, psychology and business.”

“The worst possible time to invest is when the skies are the clearest.”

“In fact, the nation's biggest investment pools are the retirement funds of the large corporations and governmental bodies, such as the California Public Employees Retirement System , which manages an astounding $170 billion. These plans receive a level of professional management that even the nations wealthiest investors can only dream of.”

“It is one thing to coolly design a portfolio strategy on a sheet of paper or computer monitor, and quite another to actually deploy it.”

“The Gordon Equation is as close as being a physical law, like gravitation or planetary motion, as we will ever encounter in finance.”

“When the barbarians are at the gates, interest rates rise and bond prices fall precipitously.”