“Defensive investing, insistence on value, and shying away from leverage -they’re all important. And much of the reason they’re important stems from the fact that so little of short-term performance is under our control….We build portfolios based on the intrinsic values we see and the developments we think will unfold. But uncontrollable factors will have a profound impact on the results…. It’s essential to remember that the fact that something’s probable doesn’t mean it’ll happen, and the fact that something happened doesn’t mean it wasn’t improbable.”
