Value investing is often about consistency: keeping your cool and your long-term perspective, whether the world around us is plunged into negativity or buoyed by excessive optimism. Actually, sitting here in April 2010, the world feels rather more positive than it has done in many recent quarters. Although there are signs that the economic rebound has lost some steam, things seem to be heading in the right direction. Of course, looking at the newspapers can sometimes make you feel like the world is lurching from one crisis to another. Lately, it’s been Greece and the fall-out in Europe that have been in the headlines. We don’t want to understate the seriousness of these events but, if we place them in context, they are in many ways part of the necessary digestion of the credit crisis. They may not be pleasant steps, but they are steps forward. We’ll return to this a little later in the letter.