"Although we must change the ways we protect our country, we must also guard against policies that appear attractive but offer little real protection and may even impede our ability to protect ourselves."

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Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing.

— Seth Klarman