My investment approach is one of contrarian, deep-value investing, which involves buying and holding stocks of companies with low valuations. Often, these companies or their industries have fallen out of favour; in some cases both have occurred.

Very often, I invest in what may be seen as old-fashioned companies in declining industries. No one else wants to buy them, and they sit around at low prices for several years, regardless of the fact that they make reasonable earnings and have sound balance sheets.

Some of these investments never recover their value. For this reason, this form of investing does not appeal to most people — it requires more internal fortitude than any other mode, and the majority of investors make decisions with too much emotion and too little discipline to profit from this approach.

Deep-value investing suits my individualistic philosophy. I have found that it pays to oppose the mainstream because I am willing to be patient and vigilant.