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Charles Brandes, founder of Brandes Investment Partners, visited the Gabelli School of Business to share his thoughts on value investing with students in September 2015.

Brandes, who started out as a broker trainee late 1960s, founded his firm in 1974. By the end of 2014, the company was managing $26.4 billion in assets.

“You should own things that create new wealth,” he said. “That’s the best thing you could do for your career, not do zero-sum games, not worrying about short-term stock price movements.”

Investing wisely in equities has proven to be a successful strategy, Brandes noted. He also told students that they shouldn’t be afraid to make mistakes.

“I’m serious about that because if you don’t make bad investments, then you’re not doing what you should do.”

Finally, he reminded the group that patience is a virtue when it comes to successful investing.

“You use time to smooth out the inevitable short-term events that we’re seeing now, and all the ups and downs that we see all the time, and that’s how you build fundamental wealth.”