Quote #15

Brandes' point of view

Courage is not necessarily the absence of fear, but recognizing fear and acting anyway because of the potential reward. When investors see prices for their holdings decline, they may fear the declines will continue. But price declines do not necessarily mean the underlying value of a business is declining. Value investors distinguish between stock price fluctuations and business values. Recognizing the value of holdings can help value investors retain courage and discipline over the long haul.  

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