History teaches that when valuations are extreme, "mean reversion," a move towards historical norms, is likely. Once value stocks turn, the recovery …

- Robert D. Arnott

Design a portfolio you are not likely to trade... akin to premarital counseling advice; try to build a portfolio that you can live with for a long, l…

- Robert D. Arnott

Many investors prefer comfort, chasing what is popular and loved, rather than pursuing what is out of favor. The markets do not reward comfort.

- Robert D. Arnott

Diversify. But carve out 10 to 20 percent for the most unloved part of the market: emerging markets value.

- Robert D. Arnott

The best investment opportunities are often scary.

- Robert D. Arnott

The most treasured asset in investment management is a steady hand at the tiller.

- Robert D. Arnott

Successful contrarian investing requires us to live with discomfort, for being "wrong" and alone. But bargains do not exist in the absence of fear.

- Robert D. Arnott

Whatever is cheap became cheap by treating us badly in the past, but is priced to deliver superior returns.

- Robert D. Arnott

Whatever is newly expensive has two attributes: wonderful past returns and, in most cases, lousy future returns.

- Robert D. Arnott