Quote #14

Brandes' point of view

The market’s perception of business value sometimes is wrong—especially in the short term. Value investors must make thoughtful, conservative estimates of business value―and trust their own judgment. Over time, the “market” tends to price companies according to what they are worth, and the crowd may see the same value in select companies that value investors acted on much earlier. 

Source: Brandes on Value: The Independent Investor (1st ed.), Charles H. Brandes (McGraw-Hill, 2014)