Gary Mishuris of Silver Ring Value Partners talks about today's market being one of the most
challenging periods for bottomup investing since 2007. In terms of the quality of a business
versus its stock price, there isn't a lot of opportunity right now. But he emphasizes that
transparency and candor with clients is essential, as is prioritizing the longterm process
over shortterm performance.

Gary also describes what sets Silver Ring Value apart from other fund managers. He shares
why he left the "sausage factory" of larger firms behind, how his firm makes money for
clients rather than off of clients, and how his unique temperament and behavioral models
allow him to make better investing decisions.

After that, Gary goes into detail on the psychology behind investing and compares it with a
game of poker. He talks about trying to avoid making mistakes, continuously learning from
past errors, the importance of having guardrails in place, and cutting your losses.

Lastly, Gary explains why you should never be ashamed to change your mind, even when
you haven't received any new information. It's OK to reanalyze the same set of facts and
admit that you were wrong, and he cites several examples of investors who have learned
and grown from their past mistakes.

1:33 Value Investing Is Challenging Right Now
10:51 All About Silver Ring Value
17:58 Investing Psychology
27:34 Changing Your Mind Is OK