Philip Carret introduced quality investing in 1930  — Buffett’s quality “evolution” can be viewed as a return to Carret’s teaching  — The investment philosophy Buffett popularized has been in use for 95 years.

Reinvestment opportunities are often lacking for value stocks — A business’s ability to reinvest is critical to its long-term performance — Combining price and reinvestment potential is a recipe for compounding.

A business’s ability to reinvest is critical to the long-term performance of a stock — Without reinvestment, returns cannot compound — Quality businesses have high return reinvestment opportunities.

Investors face daily decisions about how to invest their capital — Infinite reinvestment options abound, with no clear answer — Reinvestment decisions ultimately drive portfolio returns.

Real options provide equity investors with hidden value — Quality businesses have real options embedded in all their assets — Capturing this value generates excess return.

Volatility is an invaluable ingredient in life — Investors improve their portfolios by preparing for volatility — If prepared, real options pay off in times of stress.

Publicly filed documents can only take an investment analyst so far — Other information is generally deemed “non-material” — Discovering unpublished information leads to a variant viewpoint.

Due diligence is the infinite abyss of time and resources for asset managers — No investor can conduct perfect diligence — Multi-dimensional due diligence is required for a full understanding of a business.

Value investors experience an “aha” moment — This epiphany allows for conviction in the practice.

Successful long-term investors rely on heuristics. Value investors must “see the light” of these methods

Business owners think and act differently than investors. Investors must adopt the business owner mindset.

Market narratives are elusive, subtly shifting over time, one step ahead of most investors—Ultimately, market narratives are just noise.

Each new generation of investors repeat the mistakes of the past—These mistakes are repeated often for the exact same reasons.

A business is a collection of people and machines working together towards a common goal.

I invest like Evel Knievel layered in bubble wrap. Small cap markets are the scariest, most volatile public asset class.

Value investing has never been in style. This allows the value factor to persist.

Investing is both art and science. The science continues to evolve. Recent findings support the actions of the world's greatest investors.

Three common value traps and how we avoid them.

Value investing capitalizes on an extra dimension of value. Harnessing this value creates an opportunity to outperform any benchmark.