Judgment lies in recognizing which way the fundamentals point. Conventional wisdom and preconceived notions are stumbling blocks as well as signs of opportunity.

Shortcuts usually grease the rails to disappointing outcomes.

When you feel like bragging about a stock, it's probably time to sell.

Low p/e companies growing faster than 7 percent a year tipped us off to underappreciated signs of life, particularly if accompanied by an attention-getting dividend.

Windsor did not achieve superior results by going against the grain at every chance. Stubborn, knee-jerk contrarians follow a recipe forcatastrophe. Savvy contrarians keep their minds open, leavened by a sense of history and a sense of humor.

Dramatic actions taken by companies, as opposed to broad challenges posed by difficult industrial or economic climates, can trigger unwarranted selling pressure.

It's easy to start debates about appropriate time horizons for calculating earnings growth. Five years worked for us. We were always poised to react to events that occurred in a shorter time frame, but, ultimately, long-term financial results drove Windsor's long-term investment performance.

Whereas growth stocks are expected to increase earnings steadily, the trick with cyclical stocks is to catch them at just the right moment-after one cycle has decimated the stock price, but before improved earnings become apparent to everyone. '"'hen purchases were timed right, Windsor began selling just as demand picked up.

For the unprepared, meeting John Neff can be a "disaster." Those who meet Neff's standards appreciate thatJohn answers his own phone ("Neff!"), and he always gives as good as he gets, or better, in both information and insight. Neff's rigorous discipline in "doing his homework" has one important consequence: His portfolio's turnover and the cost of