Seth Klarman is undeniably one of the best investors of all time. Reading his book and commentaries have been hugely helpful to me over the years.
One thing that most market participants get wrong is an obsession with where the market is at during a given time, or decision making based on short-term anxieties. Value investing is really about taking advantage of the madness of crowds and focusing on fundamental value versus the prices that are available.
Below is a link to a fantastic article, which really articulates the way that the best value investors think and deal with the market.
Despite my negative feelings on the valuation of the overall market, I can tell you that we are still finding a variety of unique investment opportunities that we are really excited about! One prime example is a REIT yielding about 12%, which generates ample cash flows to cover the dividend, where I also believe the stock also has 25-50% long-term appreciation potential.