Indeed, we’ve purchased some of our best investments during times in which value stocks underperformed—and these investments not only helped us ultimately offset any temporary underperformance, they also contributed to our overall outperformance over the longer term. Simply put, we have no control over short-term trends in investor sentiment. All we can do is react to undervaluations and overvaluations by buying and selling accordingly, taking advantage of the situations that present themselves. If we can do this well enough, our future will be bright, notwithstanding what happens in any given quarter (or year). Indeed, if value stocks did not fall from favor every now and then—producing juicy opportunities for long-term investors—we doubt our track record would be as good as it is.