"Planning a dinner party in a way that you're actually capable of getting it done without panicking is important. It's bad hospitality for the host to be freaked out."

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Value investing strategies have worked for years and everyone's known about them. They continue to work because it's hard for people to do, for two main reasons. First, the companies that show up on the screens can be scary and not doing so well, so people find them difficult to buy. Second, there can be one-, two- or three-year periods when a strategy like this doesn't work. Most people aren't capable of sticking it out through that.

— Joel Greenblatt