Stay Focused and Take Mistakes Seriously Learn from Mistakes and Move On

Stick to Fundamentals despite Mistakes

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We're quite open and honest about our mistakes, but we have to be very careful not to take the experiences of the last year as justification for fundamentally changing how we analyze and select stocks. Our common belief is that this is a very unique environment that we probably won't see again for some time once we get through it. It's important to keep that in mind, or you may find yourself changing how you do things at exactly the wrong time.
Source: http://www.valueinvestorinsight.com/