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

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 ….

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this c….

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

Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if r….

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 th….

I try to keep in mind Oscar Wilde's comment that "saints always have a past and sinners always have a future," so no investment should be ruled out s….

Curiosity is the engine of civilisation.

Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him..

The price must be less than one half of the former high and preferably at or near its all time low..

There is always something to do. You just need to look harder, be creative and a little flexible..

We do liquidation analysis and liquidation analysis only..

The share price must be less than book value. Preferably it will be less than net working capital less long term debt..

Protect the downside. Worry about the margin of safety..

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time..

All we try to do is buy a dollar for 40 cents..

I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpos….

Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side..

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….

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 commi….

One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able….