Discounts are the building blocks of value...

From Brandes on Value:

Often, it takes a great deal of conviction to stick to value investment disciplines, especially when a company’s stock price declines while you own it. For those who focus only on price, share price declines can be devastating emotionally. Even worse, they can lead to bad decisions, such as selling out just because the price is down. Some market participants focus only on how much money they are losing in the short term. However, for long-term investors who evaluate share price in relation to business value, price declines can represent a tremendous opportunity in the form of discounts. Discounts are the building blocks of value.