“…generally,
if you have done good valuation work, 98 percent of the time, two or three
years is enough time for the market to agree with you. That is a very powerful
concept. It gives you patience. Of course, if you do poor valuation work, you
can get into trouble. But if you stick to things you understand well, do good
valuation work, give yourself a wide margin of safety, and have confidence in
your work, eventually, you will end up doing quite well.” –Joel Greenblatt (as
quoted in the book Hedge Fund
Market Wizards)
