Patience is invaluable. We believe that an investor must have the patience to wait for, and the courage to invest, during times of distress. There is an important difference between price and value, and we believe investment portfolios are more durable when well bought. We strive to be able to seize opportunity with confidence, empowered by a cash reserve. Price is more volatile than value. There will be another market tomorrow, whether you seek a secure retirement or a legacy for a later generation.