I bought stuff at 3.5 cents once and I thought it can’t go down to zero. It can.

I suspect that my thinking is an eclectic mix, not pure net-net because I couldn’t do it anyway so you have to have a new something to hang your hat on. But the framework stays the same.

They really can’t afford to be contrarians. A major investment house can’t afford to do research for five customers who won’t generate a lot of commissions.

Sooner or later, the market will do what it has to do to prove the majority wrong.

I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.

The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.

To put money into anything, anywhere, provided that the downside is measurable and acceptable and the chances of a good profit appear to be better than 50%. I will not take gambles, but it is part of my job description to be ready to take very carefully calculated risks.

What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.

If it is cheap enough, we don’t care what it is.

The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is one of the most effective ways of achieving good long term results.