Contrarian Loneliness as Edge

“The road of a value investor is a lonely one, inevitably contrarian and often placing the practitioner in the uncomfortable position of being stubbornly wrong in the view of the majority of the investment community.”

“Once you’ve done your homework properly and are absolutely convinced that an investment is right you should not hesitate or wait for others to share the adventure. The price at which you start buying will almost invariably be imperfect but that should never discourage you. The initial price is only important in that it must incorporate your margin of safety – beyond that it is of little consequence.”